The European Central Bank (ECB) has announced plans to launch a new real-time payments settlement service, which will be known as Target instant payment settlement (TIPS).

TIPS, expected to be go live in November 2018, will be part of ECB’s Eurosystem’s real-time gross settlement system named Target2.

The service is developed in collaboration with Europe’s banking industry and will allow users to make money transfers through their bank anywhere in the Eurozone.

Banks can avail the service at a maximum price of 0.20 eurocent for every payment for at least the first two years of operation.

“By providing TIPS, the ECB will make sure that the demand for instant payments is met at European level and further facilitate the integration of the euro area,” ECB said in a statement.