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European Central Bank
ECB and Payments
Like any central bank, the ECB, together with the Eurosystem* is interested in the prudent design and management of the payment and securities clearing and settlement systems which process its currency. It pays close attention to their smooth functioning, as well as to reducing the related potential risks.
The smooth functioning is crucial for:
- a sound currency and for the conduct of monetary policy,
- the functioning of financial markets
- the maintenance of banking and financial stability.
ECB and SEPA
The ECB coordinates national implementation of SEPA. The ECB also has the responsibility for the delivery of TARGET2, which is an essential building block for settlement of all SEPA payments including cash, money market, forex and securities.