My understanding is EBA’s RT1 is enabled by SEPA Instant CT. Itself an industry lead initiative under ECB oversight. ECB is tiding things up with TIPS by evolving the specifications and also providing the service directly in central bank money. At a much lower price.
Beyond TARGET, ECB noted repeatedly the reliance on international card schemes for electronic payments and card transactions in the EU. The latest report restating that accounted for approximately 61% of euro area card transactions in 2022: https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr2502...
TIPS represented more than 50% of all TARGET number of payments at the end of 2024: https://www.ecb.europa.eu/stats/payment_statistics/large_val...
Beyond TARGET, ECB noted repeatedly the reliance on international card schemes for electronic payments and card transactions in the EU. The latest report restating that accounted for approximately 61% of euro area card transactions in 2022: https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr2502...