The European Central Bank and Brazil’s central bank are negotiating a possible connection between Pix and TIPS, Europe’s instant payment platform, according to a Folha de S. Paulo report citing an ECB document.

Both sides are targeting an operational pilot for June 2028, provided the talks continue to progress.

Brazil’s central bank has assigned nine internal departments to the project.

These teams are responsible for setting governance rules and testing whether the two payment systems can work together.

The ECB confirmed the document to Folha, stating that exploratory work on linking the two platforms has begun.

Legal, security, technical, and operational assessments are expected to be completed by September.

Brazil’s central bank did not respond when Folha sought comment.

Brazilians would gain the ability to settle payments at retail terminals in Europe using funds held in their domestic bank accounts, according to the plan described in the report.

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