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.

Launching the new TARGET instant payment service

The TARGET instant payment settlement (TIPS) project is moving ahead! On 21 June 2017 the Governing Council of the ECB endorsed the development of the new TIPS service, which will make it possible to settle instant payments in central bank money around the clock.

After evaluating the feedback received from the market on the User Requirements Document for TIPS, the Eurosystem will now start developing the service, which is expected to start operating in November 2018.

TIPS is one of the Eurosystem’s initiatives to enhance its financial market infrastructure and foster greater integration in financial markets in Europe. Learn more about TIPS in our latest article in MIP OnLine!

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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