The process of introducing the euro in Bulgaria is advancing, with the implementation of the Eurosystem’s TIPS (Target Instant Payment Settlement) service playing a central role. The Bulgarian National Bank, the BISERA payment system, two banks, and one electronic money company have joined the service, which facilitates instant payments in euros, completed within ten seconds.

The integration with TIPS is a step within Bulgaria’s National Plan for adopting the euro. This service enables 24/7 domestic and cross-border euro payments, functioning every day of the year. By leveraging TIPS, all payment service providers in the eurozone registered under the SCT Inst scheme gain access to instant euro payments, with the majority of transactions finalized in under five seconds.

TIPS operates on the consolidated TARGET platform, ensuring broad accessibility for participants across the eurozone. Bulgaria plans to expand its participation, with additional payment service providers expected to join TIPS in 2025, further integrating the country into the euro payment network.

As part of its eurozone accession efforts, the Ministry of Finance intends to request new convergence reports from Brussels and the European Central Bank by December 15. Bulgaria is anticipated to meet all necessary criteria for euro adoption by then. Once the reports are issued, an official timeline for adopting the single European currency is expected to be set.

Source: Bulgarian National Television (BNT)