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Payments and markets

Being able to pay safely is essential for all of us

Payments across the euro area rely on a vast infrastructure that ensures funds and assets get safely from one place to another. We run part of this network and keep an eye on the rest.

We also follow the financial markets. This gives us information for our core task of keeping prices stable, which contributes to economic growth.

A digital euro

New technology is transforming how we pay. We want to ensure that people in the euro area continue to enjoy free access to a universally accepted and risk-free means of payment – just like cash, but for digital payments.

More on the digital euro project

TARGET Services

The ECB and euro area national central banks operate a number of financial market infrastructures that ensure the free flow of cash, securities and collateral across Europe. These are collectively referred to as TARGET Services.

What are TARGET Services?

Instant payments

People expect money to move as quickly as emails. That’s why we are working to make instant payments a reality for everyone in the euro area. TIPS is our instant payment settlement service available to banks. It lets people living in the euro area transfer money in seconds.

What is TIPS?

Euro short-term rate (€STR)

The €STR is the new interest rate benchmark launched in October 2019. It reflects the costs that banks pay each other to borrow money overnight. Financial markets are expected to fully transition to the new rate by the end of 2021.

Euro short-term rate (€STR)


When banks borrow from us, they have to provide adequate collateral as a security. Want to know which collateral we accept? Looking for statistics on the collateral we have received?

More information on collateral

Cyber resilience

Cyberattacks can pose a risk to individual banks and also to the financial sector as a whole. That’s why we pay close attention to cyber resilience and carry out initiatives that help the financial sector be alert and prepared.

What is cyber resilience?


Innovation in the financial sector can bring great benefits. We investigate financial innovation and how it is changing, or could change, the way financial markets work. We also want to make sure that technological disruption does not come at the cost of integration or stability.

Financial innovation

Market infrastructure and payments explained

See in three minutes how the European market infrastructure for payment and securities settlement makes our daily lives easier, even if it is not always visible. Making integration possible.

View video

Follow our journey

For the latest news on Payments and Market Infrastructure, follow us on our dedicated channels. 


Collaborating across Europe

Market contact groups

We have set up various market contact groups to guarantee that our policies are implemented smoothly and efficiently. The groups also let us talk to a range of market participants and follow global financial market developments more closely.

Market contact groups

Public consultations

We regularly seek input on decisions and initiatives affecting financial markets. This direct engagement lets us benefit from the insights of people involved or interested in these markets.

See our ongoing and past public consultations
Not an expert? Check out our explainer
Learn more
What is TARGET2?

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