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.

Paris Focus Session: making headway in cash, securities and collateral

With only one year to go before the launch of the new TARGET Instant Payments Settlement (TIPS) service, the European Central Bank (ECB) is organising a focus session in Paris to shed light on current developments in the European market. In addition to discussing retail payments, key officials from the Banque de France, the Banca d’Italia and the ECB will be addressing how the Eurosystem is reshaping large-value payment services in view of the TARGET2 and T2S consolidation project. Collateral management procedures will be another focal point of the event, with prominent figures from the clearing services delving into the challenges on the path towards harmonised collateral management. The Paris Focus Session will be held at the Banque de France Conference Center on 13 December 2017. Check out the agenda to learn more about the event and send us an email to if you would like to attend.

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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