European Payment Ecosystem
SEPA schemes, TARGET services, Wero, and the regulatory framework shaping European payments. Covering the eurozone, EEA, and connected markets.
48Systems
24Countries
251Articles
Key Initiatives4
Wero / EPIEXPANDING
53M Registered users
Pan-European wallet on SEPA Instant rails
Go deeper →SEPA Instant MandateEXPANDING
36 Countries in SEPA
Mandatory instant payments across 36 countries
Go deeper →Digital EuroPLANNED
ECB retail CBDC — preparation phase through 2025
TIPS ExpansionEXPANDING
Multi-currency instant settlement: EUR, SEK, DKK, NOK planned
Go deeper →Core Infrastructure48
SEPA Schemes
SEPA Credit TransferSCT
The SEPA Credit Transfer scheme is the backbone of euro-denominated retail payments across 36 countries. It enables bank...
Reference page →SEPA Direct Debit CoreSDD Core
The SEPA Direct Debit Core scheme enables creditors to collect funds from debtor accounts across the SEPA area based on ...
Reference page →SEPA Direct Debit Business-to-BusinessSDD B2B
The SEPA Direct Debit B2B scheme is designed for collections between businesses and other legal entities. Unlike SDD Cor...
Reference page →SEPA Instant Credit TransferSCT Inst
SEPA Instant Credit Transfer enables euro payments to be completed in under 10 seconds, 24/7/365, across 36 SEPA countri...
Reference page →TARGET Services
TARGET Ecosystem OverviewTARGET
TARGET is the Eurosystem's unified platform for large-value payments, securities settlement, instant payments, and colla...
Reference page →T2 (TARGET RTGS)T2
T2 is the Eurosystem's Real-Time Gross Settlement (RTGS) component within the TARGET platform, processing large-value eu...
Reference page →TARGET Instant Payment SettlementTIPS
TARGET Instant Payment Settlement (TIPS) is the Eurosystem's platform for settling instant payments in central bank mone...
Reference page →TARGET2-SecuritiesT2S
TARGET2-Securities (T2S) is the Eurosystem's pan-European platform for securities settlement in central bank money. It e...
Reference page →Eurosystem Collateral Management SystemECMS
ECMS is the Eurosystem's unified platform for managing collateral used in monetary policy operations and intraday credit...
Reference page →RTGS 22 systems
T2 / TARGET
ECB / Eurosystem
Window: 02:00–17:00 UTC · Mon–Fri
ISO 20022: native · Gross
CHAPS
Bank of England
Window: 06:00–18:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
SIC
SIX / SNB
Window: 17:00–16:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
SORBNET3
NBP
Window: 06:00–17:00 UTC · Mon–Fri
ISO 20022: native · Gross
ReGIS
BNR / TransFonD
Window: 06:00–17:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
NBO
Norges Bank
Window: 04:00–16:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
RIX
Sveriges Riksbank
Window: 06:00–17:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
Kronos2
Danmarks Nationalbank
Window: 06:00–17:00 UTC · Mon–Fri
ISO 20022: native · Gross
BoF-RTGS
Bank of Finland / ECB T2
Window: 06:00–17:00 UTC · Mon–Fri
ISO 20022: native · Gross
CERTIS
Czech National Bank
Window: 24/7/365
ISO 20022: migrated · Gross
VIBER
MNB (Magyar Nemzeti Bank)
Window: 07:00–18:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
BESP
Bank of Russia (CBR)
Window: 06:00–18:00 UTC · Mon–Fri
ISO 20022: in_progress · Gross
EFT (BPS/RPS)
CBRT
Window: 05:00–14:00 UTC · Mon–Fri
ISO 20022: in_progress · Gross
NBS RTGS
NBS (National Bank of Serbia)
Window: 07:00–16:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
SEP
NBU (National Bank of Ukraine)
Window: 24/7/365
ISO 20022: native · Gross
CBBH RTGS
CBBH (Central Bank of Bosnia and Herzegovina)
Window: 07:00–15:00 UTC · Mon–Fri
ISO 20022: legacy · Gross
AIPS
Bank of Albania
Window: 07:00–15:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
MIPS
NBRM
Window: 07:00–16:00 UTC · Mon–Fri
ISO 20022: in_progress · Gross
RINGS
BNB (Bulgarian National Bank)
Window: 06:00–15:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
BISS
NBRB (National Bank of the Republic of Belarus)
Window: 05:00–14:00 UTC · Mon–Fri
ISO 20022: in_progress · Hybrid
GPSS
NBG (National Bank of Georgia)
Window: 04:00–15:00 UTC · Mon–Fri
ISO 20022: migrated · Gross
CBI RTGS
CBI (Central Bank of Iceland)
Window: 09:00–17:00 UTC · Mon–Fri
ISO 20022: in_progress · Gross
ACH 9 systems
SEPA SCT
EPC / CSMs
Window: 24/7/365
ISO 20022: native · Net
SEPA SDD
EPC / CSMs
Window: 24/7/365
ISO 20022: native · Net
BACS
Pay.UK
Window: 07:00–23:00 UTC · Mon–Fri
ISO 20022: legacy · Net
NICS
Bits AS
Window: 05:00–16:00 UTC · Mon–Fri
ISO 20022: legacy · Net
Bankgirot
Bankgirot
Window: 06:00–17:00 UTC · Mon–Fri
ISO 20022: in_progress · Net
STEP2-T
EBA Clearing
Window: 07:00–16:00 UTC · Mon–Fri
ISO 20022: native · Gross (CGS)
CORE(FR)
STET
Window: 06:00–18:00 UTC · Mon–Fri
ISO 20022: native · Net
RPS
Deutsche Bundesbank
Window: 07:00–18:00 UTC · Mon–Fri
ISO 20022: native · Net
Elixir
KIR (Krajowa Izba Rozliczeniowa)
Window: 08:00–16:00 UTC · Mon–Fri
ISO 20022: legacy · Net
FPS 14 systems
SEPA Inst
EPC / RT1 / TIPS
Window: 24/7/365
ISO 20022: native · Gross
Faster Payments
Pay.UK
Window: 24/7/365
ISO 20022: legacy · Net
SIC IP (Instant Payments)
SIX / SNB
Window: 24/7/365
ISO 20022: migrated · Gross
TIPS
ECB / Eurosystem
Window: 24/7/365
ISO 20022: native · Gross
RT1
EBA Clearing
Window: 24/7/365
ISO 20022: native · Gross
Express Elixir
KIR (Krajowa Izba Rozliczeniowa)
Window: 24/7/365
ISO 20022: native · Gross
AFR / Instant Payments (HU)
MNB / GIRO Zrt
Window: 24/7/365
ISO 20022: native · Gross
BiR (Betalningar i Realtid)
Bankgirot
Window: 24/7/365
ISO 20022: native · Gross
RIX-INST
Sveriges Riksbank
Window: 24/7/365
ISO 20022: native · Gross
SBP (Faster Payments System)
Bank of Russia + NSPK
Window: 24/7/365
ISO 20022: native · Instant
FAST
CBRT
Window: 24/7/365
ISO 20022: legacy · Gross
NBS IPS
NBS (National Bank of Serbia)
Window: 24/7/365
ISO 20022: native · Gross
P27
P27 Nordic Payments Platform
Window: 24/7/365
ISO 20022: native · Net
MIA Instant Payments
National Bank of Moldova
Window: 24/7/365
ISO 20022: n/a · Gross
Hybrid 3 systems
Regulatory Landscape16
46dJun 30, 2026HIGH
PSD3 / PSR expected adoption
Payment Services Directive 3 and Payment Services Regulation. Replaces PSD2. Expected to strengthen open banking, improve fraud liability, expand scope to crypto-assets, and mandate IBAN/name verification.
46dJun 30, 2026
Visa USDC settlement expansion
Visa expanding USDC stablecoin settlement on Solana and Ethereum to more markets. Enables 7-day settlement and near-instant cross-border merchant payouts.
46dJun 30, 2026
Mastercard Payment Passkeys rollout
Biometric authentication for online card payments using FIDO2 passkeys. Eliminates OTP/SMS-based SCA. Rolling out with issuers globally.
138dSep 30, 2026
Visa Click to Pay rollout (Europe)
Visa accelerating Click to Pay adoption across European e-commerce. Guest checkout tokenization for card-not-present transactions.
170dNov 1, 2026HIGH
SWIFT CBPR+ structured address mandate
SWIFT mandates structured postal addresses in all CBPR+ ISO 20022 messages. Unstructured address fields will no longer be accepted for cross-border payments. Financial institutions must ensure all counterparty address data is structured. Industry reports suggest ~44% of banks are behind schedule for Nov 2026 deadlines.
170dNov 1, 2026HIGH
SWIFT CBPR+ SRP case management mandate
SWIFT mandates adoption of the Status Reporting Process (SRP) for case management in CBPR+ ISO 20022 messages. All participants must support standardized exception and investigation handling via camt messages. Also in Nov 2026: MT101 discontinuation. Full end of MT/MX coexistence targeted for Nov 2028.
230dDec 31, 2026
FiDA (Financial Data Access) regulation
Extends data sharing beyond payments to insurance, pensions, investments, and lending. Part of the EU’s broader open finance strategy.
230dDec 31, 2026
Digital euro preparation phase
ECB preparation phase for digital euro with concrete pilot timeline disclosed March 2026. Regulation proposed June 2023, awaiting European Parliament and Council adoption. Pilot launch planned H2 2027 on TIPS infrastructure, with potential first issuance by 2029. Pontes DLT wholesale settlement launching Q3 2026.
230dDec 31, 2026
Wero POS / NFC tap-to-pay launch
EPI’s Wero launches in-store contactless NFC payments, directly competing with Visa/Mastercard at point of sale. Built on SCT Inst.
411dJun 30, 2027
UK Open Banking next phase
Transition from OBIE to permanent regulatory body. Variable recurring payments mandate. Smart Data legislation expected to expand beyond banking.
411dJun 30, 2027
UK post-Brexit cross-border interchange review
UK PSR reviewing Visa/Mastercard cross-border interchange increases post-Brexit. UK→EEA debit rose to 1.15%, credit to 1.50% after Brexit.
1327dJan 1, 2030
Mastercard 100% e-commerce tokenization target (Europe)
Mastercard’s target for 100% tokenized e-commerce transactions in Europe. All card-not-present transactions to use network tokens instead of PANs.
Cross-Border Connections4
DKK live, SEK live, NOK planned 2028. Enabling cross-Nordic instant payments.
EuroPA Alliance
MoU between Wero, Vipps MobilePay, Bizum, Bancomat, SIBS — 130M+ users.
ISO 20022 migration for cross-border euro payments.
ECB-RBI Interlinking
TIPS-UPI bilateral link under development.
Country Guides24
🇦🇱
Albania
Coming soon
🇧🇾
Belarus
Coming soon
🇧🇦
Bosnia and Herzegovina
Coming soon
🇧🇬
Bulgaria
Coming soon
🇨🇿
Czech Republic
Coming soon
🇩🇰
Denmark
Coming soon
🇫🇷
France
Coming soon
🇬🇪
Georgia
Coming soon
🇩🇪
Germany
Coming soon
🇭🇺
Hungary
Coming soon
🇮🇸
Iceland
Coming soon
🇲🇩
Moldova
Coming soon
🇲🇰
North Macedonia
Coming soon
🇳🇴
Norway
Coming soon
🇵🇱
Poland
Coming soon
🇷🇴
Romania
Coming soon
🇷🇺
Russia
Coming soon
🇷🇸
Serbia
Coming soon
🇹🇷
Turkey
Coming soon
🇺🇦
Ukraine
Coming soon
Latest Intelligence251
AnalysisMay 15, 2026
EPC Launches VoP Testing Platform Ahead of September 2026 Deadline
The European Payments Council launched the VoP API Reference Toolbox v1.1 on 7 May 2026 ahead of the 20 September compliance effective date. A v2.0 consultation running through June 2026 reflects the pace of continued scheme development.
AnalysisMay 14, 2026
Five Change Requests Shape the 2027 SCT Inst Rulebook as EPC Consultation Enters Final Month
The first change request doubles the originator and beneficiary name field limit from 70 to 140 characters.
AnalysisMay 14, 2026
Austria Builds Wero Infrastructure as PSA and RBI Establish Issuing and Acceptance Framework
PSA Payment Services Austria began preparing Wero issuing support in January 2026, three months after Raiffeisen Bank International became the first EPI scheme member headquartered outside the initial launch markets. Austria's entry would extend Wero to a sixth direct market and could open a path to Central and Eastern European merchant acceptance through RBI's regional banking network.
AnalysisMay 14, 2026
KIR April 2026 Data Shows Poland's Batch Payments Holding Steady as Instant Grows
KIR's April 2026 statistics show batch Elixir volumes declining just 1% year-on-year while Express Elixir instant payments grow 10%, a contrast with the 5.5% decline in SEPA-wide STEP2 credit transfer volumes driven by instant payment migration.
NewsMay 13, 2026
ECB Digital Euro Pilot Application Window Closes May 14 as Eurosystem Targets Up to Thirty PSPs
The pilot is planned to start in the second half of 2027 and run for 12 months. Settlement will flow through the Eurosystem's TARGET infrastructure.
Reference Documents13
Rulebooks
SEPA Credit Transfer Scheme Rulebook
European Payments Council · v2025 v1.1 · Oct 5, 2025
SEPA Instant Credit Transfer Scheme Rulebook
European Payments Council · v2025 v1.1 · Oct 5, 2025
SEPA Direct Debit Core Scheme Rulebook
European Payments Council · v2025 v1.1 · Oct 5, 2025
SEPA Direct Debit Business-to-Business Scheme Rulebook
European Payments Council · v2025 v1.1 · Oct 5, 2025
One-Leg Out Instant Credit Transfer Scheme Rulebook
European Payments Council · v2025 v1.1 · Oct 5, 2025
Operating Rules
Regulatory Texts
Extending RTGS and CHAPS Settlement Hours - Early Morning Extension
Bank of England · vFebruary 2026 · Sep 1, 2027
CBPR+ Roadmap Beyond November 2025
SWIFT · vSeptember 2025 · Nov 15, 2026
Expanding Mandatory ISO 20022 Enhanced Data in CHAPS from 2027
Bank of England · vSeptember 2025 · Nov 1, 2027
ISO 20022 Change Management — November 2026: CHAPS Direct Participants
Bank of England · vDecember 2025 · Nov 1, 2026