On 21 August 2014, the European Central Bank (ECB) published a press release stating that it had identified four key payment systems that are now under the ECB Regulation on oversight requirements for systemically important payment systems (SIPS). The four systems identified are:

  • Target2, operated by Eurosystem
  • EURO1, operated by EBA Clearing
  • STEP2-T, operated by EBA Clearing
  • CORE(FR), operated by STET (a joint initiative of six major French banks).

What this means for you

This is the first time ECB has made use of its regulatory powers in the field of payments oversight. However, competent authorities such as Eurosystem central banks with primary oversight responsibilities for payment systems are expected to assess compliance of these systems with Regulation 795/2014.