ECB and Brazil's central bank study a TIPS-Pix instant payments link, pilot possible in 2028

Responding to a Reuters enquiry on 3 September 2026, the ECB confirmed a preliminary joint investigation with the Banco Central do Brasil into interlinking TARGET Instant Payment Settlement (TIPS) with Pix. Technical teams at the two central banks are assessing whether an interconnection is feasible; a pilot could start in 2028.

No commitment, timetable beyond that, or scheme design has been announced. A link would be Pix's first cross-border extension; Pix is used by 170 million people, about 91% of Brazil's adult population.

The Eurosystem has said for two years that it wants TIPS to reach beyond the euro area, and this is the first concrete counterparty named since the India UPI work. For European acceptance the near-term consequence is remittances and cross-border consumer transfers rather than merchant payments, but the direction matters: every instant-payments corridor the central banks build themselves is one that does not need a card scheme to cross a border, and Pix is the loudest proof anywhere that a central-bank-backed A2A rail can take retail volume.

The stage is genuinely early — a feasibility study confirmed under press questioning, not a programme — so it should be read as an intent signal, not a roadmap.

Whether the ECB or the Banco Central do Brasil puts the work on the record with a published scope or timetable, whether the 2028 pilot date survives contact with the digital euro programme, and whether merchant-facing use (not just remittances) is ever in scope.

• pymnts.com
• Finextra, 4 Sep 2026 — ECB explores link between Tips and Brazil's Pix