as an extension of target2 with its extensive network of over 1, 700 participants and more than 51, 000 addressable bank identifier codes. its pricing policy also helps it to achieve a broad reach. there will be no charge for opening and maintaining an account or for receiving payments and reporting. for the first two years of operation, the price per initiated transaction is set at €0. 002, with no charges for the first ten million payments settled on each tips account by the end of 2019. in addition, tips will offer a flexible participation structure, allowing market participants to participate in tips directly, to connect as a reachable party or to use an instructing party to send instructions on their behalf. with this flexible structure, we are not only providing a new standalone infrastructure but also allowing the market to leverage existing clearing arrangements – subject to market participants ’ choices – in order to maximise the integration benefits of the new service. this approach is consistent with that of the existing eurosystem target services as well as our new initiatives. to promote euro area - wide, smooth and efficient payment systems in line with our mandate, we might even have to reflect on whether broader access to central bank accounts for retail purposes may be needed. a clear parallel can be drawn with our aim to foster a true domestic capital market in the euro area via the european distribution of debt instruments ( eddi ) initiative. the issuance, trading, clearing and settlement of a security in the eu should not be affected by the location of the issuers, investors or intermediaries. the idea of eddi is to facilitate a centralised issuance and distribution service for european debt securities, exploring synergies with the other target services and the eurosystem collateral management system. the governing council recently agreed to investigate the next steps for the eddi service based on the guiding principles of efficiency, safety, harmonisation and neutrality. avoid creating new fragmentation this instant payments network should then be used as a basis for pan - european end - user 2 / 3 bis central bankers'speeches solutions. there are almost limitless opportunities to design innovative services on top of the basic sct inst scheme. in fact, we can already see several initiatives flourishing around europe : mobile payment solutions for person - to - person and point - of - sale payments, to name just one. unfortunately, many of these are limited to one country, or even just a few banks within a single country. unless this changes, users of these

services will not be able to benefit from the paneuropean nature of sct inst. they will have to look for alternatives when they travel, order goods and services from other countries or do business across europe, and they will not care whether these alternatives are based on european schemes or not. it would be a great pity if fragmentation were to be re - introduced at the end - user level. suppliers should strive for pan - european designs, using common standards and working together with stakeholders. take point - of - sale payments, which make up the largest segment of the retail payments market in terms of transaction volumes. vendors of all types and sizes could benefit from increased cost efficiency and improved cash management if they could accept instant payments at the point - ofsale. point - of - sale solutions for instant payments could also allow businesses that do not accept cards for cost or practical reasons to offer their customers the choice to pay electronically. such solutions should not replicate the situation that exists for cards, with non - interoperable national solutions. they should be based on common standards so that consumers can make instant payments at points - of - sale anywhere in europe. conclusions the sct inst scheme and the new instant payments infrastructures have laid the foundation for a future - proof european payments landscape. now it is up to the market to build on that that foundation. this means offering instant payment services that meet clients ’ needs, at attractive prices. charging prohibitive fees will not support the take - up of instant payments. on the contrary, it would only drive customers towards other players. rather than being driven by the services offered by other players, why not drive developments yourselves and reap the respective benefits? those market participants that take this opportunity to offer innovative payment services to their customers at pan - european level will be ready for the payments landscape of tomorrow and beyond ; perhaps even into the 22nd century. 3 / 3 bis central bankers'speeches