Market Infrastructure & Payments

We provide infrastructure for payment and securities settlement, cooperate with market stakeholders to integrate financial markets in Europe, and oversee financial market infrastructure and payment instruments.

Task Force on Settlement of Instant Payments is set up

The Task Force on Settlement of Instant Payments (TFSIP) has been set up following a decision by the ECB’s Governing Council to initiate an investigation into providing a pan-European instant payment settlement service in central bank money. The new service would cover basic settlement functionalities which would be made available up to 24/7/365. The primary objective of the task force is the definition of user requirements.

Institutions have been invited to participate in the task force based on their transaction volume in TARGET2 and to ensure geographical and institutional diversity. The ECB will publish the meeting documentation in order to encourage further contributions. Furthermore, a public consultation on the user requirements will be held after the task force has completed its work.

The task force will hold its first meeting on 27 October at the ECB’s premises in Frankfurt am Main.

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Providing market infrastructure

The Eurosystem has developed and currently operates the real-time gross settlement (RTGS) system, TARGET2, and the European platform for securities settlement in central bank money, TARGET2-Securities (T2S).

Integrating financial markets

The ECB and the Eurosystem foster financial market integration in Europe by contributing to more efficient euro retail payments and the realisation of the Single Euro Payments Area (SEPA). We promote securities harmonisation and the safe and efficient mobilisation of collateral in the euro area via the Correspondent Central Banking Model (CCBM).

Overseeing market infrastructure

The Eurosystem performs oversight to ensure the smooth functioning of payment, clearing and settlement systems. It monitors their performance, assesses them against its objectives of safety and efficiency and, where necessary, induces change.

Market infrastructure and payments explained