European Payment Ecosystem
SEPA schemes, TARGET services, Wero, and the regulatory framework shaping European payments. Covering the eurozone, EEA, and connected markets.
48Systems
24Countries
334Articles
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
1dJun 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.
1dJun 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.
32dJul 31, 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.
93dSep 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.
138dNov 14, 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.
138dNov 14, 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.
185dDec 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.
185dDec 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.
185dDec 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.
366dJun 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.
366dJun 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.
1282dJan 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 Intelligence334
AnalysisJun 29, 2026
Wero E-Commerce Live in Three Markets Six Months After German Debut
France became the third country to offer Wero online payments when Groupe BPCE completed the first transactions in April 2026, following Germany's November 2025 debut and Belgium's March 2026 launch. ING Germany reports a 15 percent activation rate among current account holders as merchant adoption expands across all three markets.
NewsJun 27, 2026
UK Opens Consultation on Next-Generation Retail Payments Infrastructure
The RPIB launched a consultation on the successor to Faster Payments and Bacs, proposing interoperability between bank deposits, regulated stablecoins, and a potential digital pound within a single payment rail.
NewsJun 27, 2026
T2 Settles €1.93 Trillion Daily in 2025 as Danish Krone Joins TARGET
T2 maintained 99.8% technical availability in 2025, with two incidents classified as having major impact.
NewsJun 27, 2026
Austrian Banks Become EPI Shareholders as Wero Surpasses 55 Million Users
EPI's ownership group grows to 18 European institutions after Erste Bank Oesterreich and Raiffeisen commit to the pan-European payment initiative, extending Wero's geographic reach to Austria as its sixth country.
AnalysisJun 26, 2026
Iceland's CBI RTGS Handles High-Value ISK Settlement as Instant Payments Absorb Retail Volume
Iceland signed a TIPS participation agreement in 2025. The agreement adds the Icelandic krona as the fifth currency on the Eurosystem's instant payment settlement platform from 2028.
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