Means of payment designed for distance payments. Simultaneously allows the creditor to retain the initiative in recovering claims and the payer to agree explicitly to each separate payment.
When each debt falls due (or has fallen due), the creditor sends to the customer an bill or notice of installment due, with an attached TIP, which the payer is required to sign, date and return within the time limit stipulated by the creditor.
The TIP involves five separate players: the creditor, who issues the TIP; the customer (payer); the creditor's bank; the payment centre; and the institution (bank) with which the payer is domiciled, which is responsible for settling the account.