Market consultation on TARGET instant payment settlement. Marc Bayle de Jessé European Central Bank Focus session, 28 March 2017, Frankfurt
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1 Market consultation on TARGET instant payment settlement Marc Bayle de Jessé European Central Bank Focus session, 28 March 2017, Frankfurt
2 TARGET instant payment settlement (TIPS) Promote efficiency and ensure market integration in the settlement of instant payments Extend the availability of Central Bank Money settlement to 24/7/365 to facilitate the emergence of instant payments
3 Principles: foundation of the service Same participation criteria as for TARGET2 Instant payments settlement in Central Bank Money 24/7/365 operating hours Operated on a full cost recovery basis Support compliance with SCT Inst scheme Multi-currency technical capability
4 Additional principles Technical solution for instant payment settlement services Offers final and irrevocable settlement Participation in TIPS is not mandatory Developed and operated by the Eurosystem Lean, harmonised and standardised pan-european service
5 What is TIPS? Co-existence of Payment Services Access to RTGS Services PSPs Support for Instant Payments Through Clearing PSPs Support for Instant Payments Through Instant Settlement PSPs ACHs Settlement backed by CeBM ACHs Individual Instant Payment Instructions TIPS ASI 6 TARGET2 Funding / Defunding
6 Integrated TARGET services 6
7 Connect to TIPS TIPS will be a network vendor agnostic service Participants can decide which network vendor they intend to use as long as this network vendor adheres to the requirements Vendor 1 Vendor 2 Vendor 3 TARGET instant payment settlement 7
8 Actors in TIPS Same participation rules applied in TARGET2 (i.e. eligibility for accessing Central Bank Money) Participant Hold one or many TIPS accounts to transmit/ receive instant payments Instructing Party Contractual Agreement Reachable Party Settle instant payments on a participant s TIPS account Instruct on behalf of the Participant or the Reachable Party 8
9 TIPS assessing the market needs The Eurosystem decided in September 2016 to launch the investigation phase to assess the market needs for the service Market consultations on the User Requirements Document for TIPS and Volume Expectations (closed 24/02/2017) TIPS on Tour to present the service to European market representatives June 2017 Decision to develop the project
10 Market consultation on User Requirements 74 Responses from European financial institutions and infrastructures Good response on the service, in particular: Model of settlement in CeBM Network connectivity Points that have been clarified: Interoperability with instant clearing infrastructures Pan-European reachability within TIPS Potential role of Automated Clearing Houses (ACHs) in TIPS Liquidity management implications Request to extend TARGET2 operating hours 10
11 Market consultation on volume expectations 72 Responses from European financial institutions and infrastructures 1. Estimated overall % volumes of instant payments: 12% of total payments by % of total payments by % instant payments expected to be processed in TIPS: 20% expects to process 100% 39% expect to process some 14% expect to process none Others not able to estimate Volumes expected in TIPS are a multiple of the volumes which the Eurosystem had initially estimated 11
12 Service costs Principle Suggested unit cost Full cost recovery 0.5 to 1 cent per instruction We have explored the interest of market participants in using the service at this cost If the volumes in TIPS are in line with the feedback received, the price would be a fraction of 0.5 cents 12
13 Time plan Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 TIPS Investigation phase January 17 Submission of a draft User Requirements Document (URD) January February 17 7 weeks of Market consultation on the URD June 17 Decision to develop the service Realisation phase May June 18 Start of Eurosystem internal system testing August September 18 Start of pilot testing involving users November 18 TIPS Go-live 13
14 Thank you for the attention! ECB: market infrastructure and
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