Payment Instruments in European Area
Mirlena Stefani
FASTIP
June 2012
Mirlena Stefani
FASTIP
June 2012
Payment Instruments in European Area
Payment Instruments in European Area
Contents
Introduction 1 1. Chapter I - Key Concepts - Payments 2 1.1 Paymants and the payment system 2 1.2 Types of Payment 3 1.3 Payment Instruments 4 2. Chapter II - The Payment Market Landscape in the Euro Area 6
2.1 Introduction 6
2.2 Payment instruments 7 2.2.2 Non-cash payment instruments 7
2.3 Large-value payment system operating in Euro 8 2.3.1 Target 2 10 2.3.2 EURO 1 11 2.3.3 Continuous linked settlement system 12
2.4 Retail payment arrangements in Euro 13 2.4.1 The Single Euro Payments Area project 13 2.4.2 Euro Area-Wide retail payments systems 14 2.4.3 National retail payment systems 14 3. Chapter III - The Role of Central Bank in Payment Systems 15
3.1 European Central Bank (ECB) 15
3.2 Ancillary systems 16 4. Chapter IV - Key Figures: Payment Instruments in Europe and Conclusion 17
4.1 Statistical main findings 17
4.2 TARGET 2 facts 2011 19 5. Conclusions 20
Bibliography 21
Annex 22
Introduction The principal objective of payment, clearing and settlement arrangements is to facilitate transactions between economic agents and to support the efficient allocation of resources in the economy. Market infrastructure for payments and financial instruments represents one of the three core components of the financial system, together with markets and institutions.
A central bank has a direct interest in the prudent design and management of market infrastructure operating in its currency. The smooth functioning of market infrastructure for payments and financial instruments is a crucial element of a sound currency and is essential to the conduct of monetary policy. Safe, reliable and efficient market infrastructure for payments is crucial to the maintenance of stability in the banking sector and the financial system in general.
This paper is in
FASTIP
June 2012
Mirlena Stefani
FASTIP
June 2012
Payment Instruments in European Area
Payment Instruments in European Area
Contents
Introduction 1 1. Chapter I - Key Concepts - Payments 2 1.1 Paymants and the payment system 2 1.2 Types of Payment 3 1.3 Payment Instruments 4 2. Chapter II - The Payment Market Landscape in the Euro Area 6
2.1 Introduction 6
2.2 Payment instruments 7 2.2.2 Non-cash payment instruments 7
2.3 Large-value payment system operating in Euro 8 2.3.1 Target 2 10 2.3.2 EURO 1 11 2.3.3 Continuous linked settlement system 12
2.4 Retail payment arrangements in Euro 13 2.4.1 The Single Euro Payments Area project 13 2.4.2 Euro Area-Wide retail payments systems 14 2.4.3 National retail payment systems 14 3. Chapter III - The Role of Central Bank in Payment Systems 15
3.1 European Central Bank (ECB) 15
3.2 Ancillary systems 16 4. Chapter IV - Key Figures: Payment Instruments in Europe and Conclusion 17
4.1 Statistical main findings 17
4.2 TARGET 2 facts 2011 19 5. Conclusions 20
Bibliography 21
Annex 22
Introduction The principal objective of payment, clearing and settlement arrangements is to facilitate transactions between economic agents and to support the efficient allocation of resources in the economy. Market infrastructure for payments and financial instruments represents one of the three core components of the financial system, together with markets and institutions.
A central bank has a direct interest in the prudent design and management of market infrastructure operating in its currency. The smooth functioning of market infrastructure for payments and financial instruments is a crucial element of a sound currency and is essential to the conduct of monetary policy. Safe, reliable and efficient market infrastructure for payments is crucial to the maintenance of stability in the banking sector and the financial system in general.
This paper is in
Bibliography: 1. European Central Bank: Euro System, “The Payment System”, 2010 2 5. CPPS: Red Book, Payment System in the Euro Area, 2003 6 [ 1 ]. European Central Bank: Payment System, 2010 [ 2 ] [ 3 ]. European Central Bank: Payment System, 2010, Payment Instruments page 31 [ 4 ] [ 5 ]. European Central Bank: Payment System, 2010, Payment Instruments, page 180 [ 6 ] [ 7 ]. European Central Bank: Payment System, 2010, Payment Instruments, page 178 http://www.ecb.europa.eu/paym/t2/html/index.en.html [ 8 ] [ 10 ]. European Central Bank: Payment System, 2010, Payment Instruments, page 190 http://en.wikipedia.org/wiki/Single_Euro_Payments_Area [ 11 ]. European Central Bank: Payment System, 2010, Payment Instruments, page 190 [ 12 ] [ 13 ]. European Central Bank: Payment System, 2010, Payment Instruments [ 14 ]