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.

ECB seeks market input on TIPS

TARGET instant payment settlement, or TIPS, is a service which will make it possible to settle payments in central bank money in real time around the clock. As part of its investigation into how best to support the emergence of instant payments, the Eurosystem has launched two public consultations. Market participants are invited to express their interest in a TIPS service and to provide more information about its expected usage, as well as to share their views on the TIPS user requirements, by 24 February 2017.

To give the market an opportunity to explore the idea and the process behind the service, TIPS is going on tour around Europe. ECB representatives have already met market participants from Cyprus, Estonia, Finland, Germany, Greece, Latvia, Lithuania, Netherlands, Portugal and Spain. The tour will continue as follows:

  • 23 January – France and Luxembourg
  • 25 January – Ireland
  • 26 January – Italy
  • 31 January – Slovakia
  • 1 February – Austria
  • 14 February – Slovenia
If you are interested in taking part in one of the meetings, please send an email to

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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