EBA Clearing's EURO1 system averaged approximately 190,884 transactions per day through 2025, settling roughly €188 billion in daily interbank value across its participant network. The full-year figures reflect stability rather than disruption, with daily volumes ranging from 178,575 in January to 207,642 in December, driven primarily by seasonal treasury patterns.
The year's most consequential operational change came in November 2025 when the MT/MX coexistence transitional period ended. EURO1 now operates exclusively on ISO 20022 pacs messages, aligning its messaging format with the TARGET platform that had adopted ISO 20022 natively upon its March 2023 consolidation. For EURO1's 33 direct participants and more than 4,800 reachable BICs, the shift eliminated the dual-format overhead that had persisted through the two-year transition window.
January 2026 recorded 185,184 transactions per day at €196 billion, representing year-over-year growth of 3.7 percent in volume and 8.3 percent in value compared to January 2025's 178,575 transactions at €181 billion. The divergence between volume and value growth warrants attention. Average transaction size is rising, consistent with large-value interbank flows concentrating further even as smaller commercial payments shift to instant rails. This pattern suggests EURO1 is not losing traffic to SCT Inst or RT1 but rather absorbing a denser share of high-value settlement activity.
December 2025 set the year's peak at 207,642 transactions per day settling €207 billion, reflecting typical year-end treasury and settlement obligations. The December spike coincided with broader European payment system records: EBA Clearing's combined services exceeded 100 million transactions per day for the first time that month, driven largely by RT1 instant payment volumes reaching 9.6 million transactions on December 1.
ECB payments statistics for H1 2025 reported that euro area large-value payment systems processed 74.0 million payments worth €235.1 trillion in the first six months. EURO1 operates as the primary private-sector complement to T2 for interbank euro settlement, handling flows that are structurally distinct from the retail instant payments processed by TIPS and RT1. The system settles 95 percent of transactions in real time at system level, with over 99 percent completing within 30 minutes.
Non-bank payment service providers became eligible to access EBA Clearing systems from October 6, 2025, following the ECB's amended TARGET Guideline. The European Banking Authority, ECB, national competent authorities, and national supervisory authorities signed a multilateral memorandum of understanding on December 18, 2025, harmonizing information-sharing procedures for non-bank PSP access to central bank-operated payment systems. Whether payment institutions or e-money institutions will seek direct EURO1 membership remains to be seen, as the system's large-value profile and capital requirements present significant barriers for retail-focused firms.
The 2025 monthly data reveals a system operating well within its capacity envelope. April and December produced the highest average daily values (€205 billion and €207 billion respectively), while August recorded the seasonal trough at 179,639 transactions and €172 billion. This regularity contrasts with the sharp growth curves at RT1, where daily instant payment volumes nearly doubled from 3.66 million in January to 6.29 million in December 2025.
EURO1's governance faces a transition in 2026. Simone Lofgen of Commerzbank was appointed interim chairperson of the Board in September 2025 and will serve until the upcoming Shareholders Meeting. The 2026 meeting is expected to formalize permanent Board leadership and address strategic priorities including the system's positioning relative to the Eurosystem's Pontes DLT interoperability solution, which launches in Q3 2026 and could introduce an alternative path for wholesale settlement in central bank money.