Decision (EU) 2022/911 of the European Central Bank of 19 April 2022 concerning the terms and conditions of TARGET-ECB and repealing Decision ECB/2007/7 (ECB/2022/22)

Cash transfer orders on RTGS DCAs, other than those orders referred to in paragraph 2 shall be queued and processed in accordance with the rules set out in Article 10.

Cash transfer orders on RTGS DCAs that are queued in accordance with Article 9(3) shall be processed according to their priority. Subject to paragraph 2 to 5, the ‘first in, first out' (FIFO) principle shall apply within each category or subcategory of cash transfer orders priority as follows:

The payer may change the priority of its cash transfer orders other than urgent cash transfer orders.

The payer may change the position of its cash transfer orders in the queue. The payer may move such cash transfer orders either behind the automated liquidity transfer orders in the queue or to the end of the respective queue with immediate effect at any time during the settlement window for customer and interbank payments as specified in Appendix V.

To optimise the settlement of queued cash transfer orders, the ECB may:

Queued cash transfer orders shall be rejected if they cannot be settled by the cut-off times for the relevant message type as specified in Appendix V.

The provisions regarding settlement of cash transfer orders as set out in Appendix I shall apply.

An RTGS DCA holder may instruct the ECB to reserve a specified amount of liquidity on its RTGS DCA using one of the following:

An RTGS DCA holder shall assign one of the following statuses to a current or standing liquidity reservation order:

In the event that the amount of unreserved liquidity is not sufficient to fulfil the current or standing liquidity reservation order, the ECB shall partially execute the reservation order and is instructed to execute further reservation orders until the outstanding amount to be reserved is reached. Pending reservation orders shall be rejected at the end of the business day.

By requesting the reservation of a specified amount of liquidity for usage for urgent cash transfer orders, the RTGS DCA holder instructs the ECB only to settle high priority and normal priority cash transfer orders if there is available liquidity after the amount reserved for usage for urgent cash transfer orders has been deducted.

By requesting the reservation of a specified amount of liquidity for usage for high priority cash transfer orders, the RTGS DCA holder instructs the ECB only to settle normal priority cash transfer orders if there is available liquidity after the amount reserved for usage for urgent and high priority cash transfer orders has been deducted.

An RTGS DCA holder may enter a recall request to request the return of a settled payment order.

The recall request shall be forwarded to the payee of the settled payment order which may answer positively or negatively. A positive answer does not initiate a return of the funds.

The RTGS directory is a list of BICs used for the purpose of routing information and comprises the BICs of:

The RTGS directory shall be updated daily.

Unless otherwise requested by an RTGS DCA holder, its BICs shall be published in the RTGS directory.

RTGS DCA holders may only distribute the RTGS directory to their branches and entities with multiaddressee access.

RTGS DCA holders acknowledge that the ECB and other CBs may publish RTGS DCA holders’ names and BICs. In addition, names and BICs of addressable BIC holders or entities with multi-addressee access may be published and RTGS DCA holders shall ensure that addressable BIC holders or entities with multi-addressee access have agreed to such publication.

Upon termination of an RTGS DCA holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders from that RTGS DCA holder. Cash transfer orders in the queue, warehoused cash transfer orders or new cash transfer orders in favour of that RTGS DCA holder shall be rejected.

If an RTGS DCA holder’s participation in TARGET-ECB is suspended on grounds other than those specified in Part I, Article 25(1), point (a), the ECB shall store all of that RTGS DCA holder’s incoming and outgoing cash transfer orders on its RTGS DCA and only submit them for settlement after they have been explicitly accepted by the suspended RTGS DCA holder’s CB.

If an RTGS DCA holder’s participation in TARGET-ECB is suspended on the grounds specified in Part I, Article 25(1), point (a), any outgoing cash transfer orders from that RTGS DCA holder’s RTGS DCA shall only be processed on the instructions of its representatives, including those appointed by a competent authority or a court, such as the RTGS DCA holder’s insolvency administrator, or pursuant to an enforceable decision of a competent authority or a court providing instructions as to how the cash transfer orders are to be processed. All incoming cash transfer orders shall be processed in accordance with paragraph 2.

An RTGS DCA holder may limit the use of available liquidity for payment orders on its individual RTGS DCAs in relation to other RTGS DCAs, except any of the CBs, by specifying bilateral or multilateral limits. Such limits may only be defined in relation to normal priority payment orders.

By specifying a bilateral limit, an RTGS DCA holder instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal priority payment orders to another RTGS DCA holder’s RTGS DCA minus the sum of all incoming urgent, high priority and normal priority payments from that RTGS DCA (the net bilateral position) would exceed this bilateral limit.

An RTGS DCA holder may specify a multilateral limit for any relationship that is not subject to a bilateral limit. A multilateral limit may only be specified if the RTGS DCA holder has set at least one bilateral limit. If an RTGS DCA holder specifies a multilateral limit, it instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal priority payment orders to all RTGS DCA holders’ RTGS DCAs in relation to which no bilateral limit has been specified minus the sum of all incoming urgent, high priority and normal priority payments from those RTGS DCAs (the net multilateral position) would exceed this multilateral limit.

Limits may be changed in real time with immediate effect or with effect from the next business day. If a limit is changed to zero, it shall not be possible to change it again on the same business day. The definition of a new bilateral or multilateral limit shall only be effective from the next business day.

An RTGS DCA holder may indicate the earliest time before which a payment order cannot settle or the latest time after which time the payment order will be rejected by using the earliest debit time indicator or the latest debit time indicator, respectively, or may indicate a time range during which the payment order will settle by using both indicators. An RTGS DCA holder may also use the latest debit time indicator solely as a warning indicator. In such cases, the payment order concerned shall not be rejected.

In the event that 15 minutes prior to the indicated latest debit time the payment order has not been settled, the RTGS DCA holder concerned shall be notified accordingly.

Payment orders may be submitted up to 10 calendar days before the specified settlement date (warehoused payment orders).

Warehoused payment orders shall be accepted and submitted for processing on the date specified by the RTGS DCA holder at the start of settlement window on that day for customer and interbank payments, as referred to in Appendix V. They shall be placed in front of payment orders of the same priority.

An RTGS DCA holder (payer) may give its authorisation for another RTGS DCA holder (payee) in TARGET-ECB or in another TARGET component system to debit the payer’s RTGS DCA by direct debit.

To enable such arrangement the payer shall provide a prior authorisation to the ECB entitling the ECB to debit the payer’s RTGS DCA upon receipt of a valid direct debit instruction.

If a payee receives the authorisation as described in paragraph 1, it may submit direct debit instructions to debit the payer’s RTGS DCA by the amount specified in the instruction.

An RTGS DCA holder that requests to be added to a settlement bank account group of an AS shall be deemed to have given authorisation to the ECB entitling the ECB to debit the RTGS DCA holder’s RTGS DCA and sub-account upon receipt of a valid direct debit instruction by that AS.

The ECB shall have a pledge over the balance on an RTGS DCA holder’s sub-account opened under the arrangements between the relevant AS and its CB for the settlement of AS-related payment instructions in accordance with RTGS AS settlement procedure C. Such balance shall collateralise the RTGS DCA holder’s obligation referred to in paragraph 7 towards the ECB in relation to such settlement.

Upon receipt by the ECB of a ‘start-of-cycle’ message, the ECB shall ensure that the balance on the sub-account of the RTGS DCA holder (including increases or reductions of that balance resulting from crediting or debiting cross-system settlement payments to or from the sub-account, or from crediting liquidity transfers to the sub-account) at the moment the AS starts a cycle can only be used for the settlement of AS transfer orders related to that settlement procedure C. Upon receipt by the ECB of an ‘end-of-cycle’ message the balance on the sub-account shall be available for the use of the RTGS DCA holder.

By confirming the balance on the RTGS DCA holder’s sub-account, the ECB guarantees to the AS payment up to the amount of this particular balance. By confirming, where applicable, the increase or reduction of the balance upon crediting or debiting cross-system settlement payments to or from the sub-account or crediting liquidity transfers to the sub-account, the guarantee is automatically increased or reduced by the amount of the payment. Notwithstanding the abovementioned increase or reduction of the guarantee, the guarantee shall be irrevocable, unconditional and payable on first demand. If the ECB is not the AS’s CB, the ECB shall be deemed instructed to issue the abovementioned guarantee to the AS’s CB.

In the absence of any insolvency proceedings in relation to the RTGS DCA holder, the AS transfer orders for the squaring of the RTGS DCA holder’s settlement obligation shall be settled without drawing on the guarantee and without recourse to the security right over the balance on the RTGS DCA holder’s sub-account.

In the event of the RTGS DCA holder’s insolvency, the AS transfer orders for the squaring of the RTGS DCA holder’s settlement obligation shall be a first demand for payment under the guarantee; the debiting of the instructed amount from the RTGS DCA holder’s sub-account (and crediting of the AS’s RTGS AS technical account) shall therefore equally involve the discharge of the guarantee obligation by the ECB and a realisation of its collateral right over the balance on the RTGS DCA holder’s sub-account.

The guarantee shall expire upon receipt by the ECB of an ‘end-of-cycle’ message confirming that the settlement has been completed.

The RTGS DCA holder shall be obliged to reimburse to the ECB any payment made by the latter under such guarantee.

The ECB shall on the request of an MCA holder open and operate one or more T2S DCAs.

There shall be no debit balance on a T2S DCA.

A T2S DCA holder shall designate one MCA for the purpose of processing liquidity transfer orders between T2S DCAs as referred to in Article 3(1), point (c). The designated MCA may be held in TARGET-ECB or another TARGET component system and may belong to a different participant.

A T2S DCA holder may request the ECB to link its T2S DCA to one or more securities account(s) held on its own behalf or on behalf of its clients which hold securities accounts in one or more participating CSDs.

T2S DCA holders linking their T2S DCA to securities account(s) on behalf of clients as set out in paragraph 1 are responsible for establishing and maintaining the list of linked securities accounts and, where relevant, the set-up of the client-collateralisation feature.

As a result of the request under paragraph 1, the T2S DCA holder is deemed to have given a mandate to the CSD where such linked securities accounts are maintained to debit the T2S DCA with the amounts resulting from securities transactions taking place on these securities accounts.

Paragraph 3 shall apply regardless of any agreements the T2S DCA holder has with the CSD and/or the securities account holders.

The following transactions shall be processed via a T2S DCA in TARGET-ECB:

Corporate actions payments may be processed via a T2S DCA.

Participants may reserve or block liquidity on their T2S DCAs. This does not constitute a settlement guarantee vis-à-vis any third party.

By requesting to reserve or block an amount of liquidity, a participant instructs the ECB to decrease the available liquidity by this amount.

A reservation request is an instruction by which, if the available liquidity is equal to or higher than the amount to be reserved, the reservation is processed. If the available liquidity is lower, it is reserved and the shortfall may be met by incoming liquidity until the full amount of the reservation is available.

A blocking request is an instruction by which, if the available liquidity is equal to or higher than the amount to be blocked, the blocking request is processed. If the available liquidity is lower, no amount is blocked and the blocking request is resubmitted, until the full amount of the blocking request can be met by available liquidity.

The participant may at any time during the business day on which a request to reserve or block liquidity has been processed, instruct the ECB to cancel the reservation or blocking. Partial cancellation shall not be permitted.

All requests for reservation or blocking of liquidity under this article shall expire at the end of the business day.

A timestamp for the processing of liquidity transfer orders is allocated in the sequence of their receipt.

All liquidity transfer orders submitted to TARGET-ECB shall be processed following the ‘first in, first out’ (FIFO) principle without prioritisation or reordering.

After a liquidity transfer order to a TIPS DCA, an MCA, an RTGS DCA or a T2S DCA has been accepted as set out in Part I, Article 16, the TARGET-ECB shall check if sufficient funds are available on the payer’s T2S DCA to effect settlement. If sufficient funds are available, the liquidity transfer order shall be settled immediately. If sufficient funds are not available, the following shall apply:

Upon termination of a T2S DCA holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders from that T2S DCA holder.

If a T2S DCA holder is suspended from TARGET-ECB on grounds other than those specified in Part I, Article 24(1), point (a) , the ECB shall store all of that participant’s incoming and outgoing cash transfer orders on its T2S DCA and only submit them for settlement after they have been explicitly accepted by the suspended T2S DCA holder’s CB.

If a T2S DCA holder is suspended from TARGET- ECB on the grounds specified in Part I, Article 24(1), point (a), any outgoing cash transfer orders from that T2S holder’s T2S DCA shall only be processed on the instructions of its representatives, including those appointed by a competent authority or a court, such as the T2S DCA holder’s insolvency administrator, or pursuant to an enforceable decision of a competent authority or a court providing instructions as to how the cash transfer orders are to be processed. All incoming cash transfer orders shall be processed in accordance with paragraph 2.

A TIPS DCA holder may specify a floor and/or a ceiling amount for its TIPS DCA.

By setting a ceiling and opting for a rule-based liquidity transfer order, if, following the settlement of an instant payment order, a positive recall answer or a liquidity transfer order, the ceiling is breached, the TIPS DCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits an MCA designated by that TIPS DCA holder. The credited MCA may belong to another participant in TARGET-[insert CB/country reference] or in another TARGET component system.

By setting a floor and opting for a rule-based liquidity transfer order, if, following the settlement of an instant payment order, a positive recall answer or a liquidity transfer order, the floor is breached, a rule-based liquidity transfer order is initiated that debits an MCA authorised by the MCA holder. The debited MCA may belong to another participant in TARGET-[insert CB/country reference] or in another TARGET component system. The holder of the debited MCA must authorise its MCA to be debited in this manner.

The ECB shall on the request of an MCA holder open and operate one or more TIPS DCAs.

There shall be no debit balance on a TIPS DCA.

If the TIPS DCA holder exercises its option to accept TIPS OLO credit transfer orders, it shall inform the ECB accordingly.

A TIPS DCA holder may send messages:

A TIPS DCA holder shall receive messages:

Part I, Article 7 shall apply to a TIPS DCA holder that sends or receives messages via an instructing party as though that TIPS DCA holder sends or receives messages directly.

A TIPS DCA holder may designate one or more reachable parties and shall inform the ECB if any of these reachable parties accept TIPS OLO credit transfer orders. Reachable parties shall have adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement.

A TIPS DCA holder shall provide evidence to the ECB of each designated reachable party’s adherence to the SCT Inst scheme.

A TIPS DCA holder shall inform the ECB if any designated reachable party no longer adheres to the SCT Inst scheme and shall, without undue delay, take steps to prevent the reachable party from accessing the TIPS DCA.

A TIPS DCA holder may allow its designated reachable parties access via one or more instructing parties.

Part I, Article 7 shall apply to TIPS DCA holders that designate reachable parties.

A TIPS DCA holder that has designated a reachable party shall ensure that at all times that reachable party is available for the purpose of receiving messages.

The following transactions shall be processed via a TIPS DCA in TARGET-ECB:

A timestamp for the processing of cash transfer orders is allocated in the sequence of their receipt.

All cash transfer orders submitted to TARGET-ECB shall be processed following the ‘first in, first out’ (FIFO) principle without prioritisation or reordering.

After an instant payment order or TIPS OLO credit transfer order has been accepted as set out in Part I, Article 16, TARGET-ECB shall check if sufficient funds are available on the payer’s TIPS DCA to effect settlement and the following shall apply:

Funds reserved in accordance with paragraph 3(b) shall not be available for the settlement of subsequent cash transfer orders.

Without prejudice to paragraph 3, point (b), the ECB shall reject an instant payment order or TIPS OLO credit transfer order if the amount of the instant payment order or TIPS OLO credit transfer order exceeds any applicable credit memorandum balance (CMB).

After an immediate liquidity transfer order has been accepted as set out in Part I, Article 16, TARGET-ECB shall check if sufficient funds are available on the payer’s TIPS DCA. If sufficient funds are not available the liquidity transfer order shall be rejected.

After a positive recall answer has been accepted as set out in Part I, Article 16, TARGET- ECB shall check if sufficient funds are available on the TIPS DCA to be debited. If sufficient funds are not available the positive recall answer shall be rejected. If sufficient funds are available the positive recall answer shall be settled immediately.

Without prejudice to paragraph 7, TARGET-ECB shall reject positive recall answers if the amount of the positive recall answer exceeds any applicable CMB.

A TIPS DCA holder may submit a recall request.

The recall request shall be forwarded to the payee of the settled instant payment order which may answer with a positive or a negative recall answer.

The TIPS directory is a list of BICs used for the purpose of routing information and comprises the BICs of:

The TIPS directory shall be updated daily.

TIPS DCA holders may only distribute the TIPS directory to their branches, their designated reachable parties and their instructing parties. Reachable parties may only distribute the TIPS directory to their branches.

A specific BIC shall only appear once in the TIPS directory.

TIPS DCA holders acknowledge that the ECB and other CBs may publish their names and BICs. In addition, the ECB and other CBs may publish names and BICs of reachable parties designated by TIPS DCA holders and TIPS DCA holders shall ensure that reachable parties have agreed to such publication.

The central Mobile Proxy Lookup (MPL) repository contains the proxy – IBAN mapping table for the purposes of the MPL service.

Each proxy may be linked to only one IBAN. An IBAN may be linked to one or multiple proxies.

Part I, Article 27 shall apply to the data contained in the MPL repository.

Upon termination of a TIPS DCA holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders to or from that TIPS DCA holder.

If a TIPS DCA holder’s participation in TARGET-ECB is suspended on grounds other than those specified in Part I, Article 24(1), point (a), the ECB shall:

If a TIPS DCA holder’s participation in TARGET-ECB is suspended on the grounds specified in Part I, Article 24(1), point (a), the ECB shall reject all of its incoming and outgoing cash transfer orders.

The ECB shall process instant payment orders and TIPS OLO credit transfer orders of a TIPS DCA holder whose participation in TARGET-ECB has been suspended or terminated under Part I, Article 24(1) or (2) and in relation to which the ECB has reserved funds on a TIPS DCA pursuant to Part V, Article 6(3), point (b), prior to the suspension or termination.

TIPS DCA holders may use the broadcast message function offered by TIPS, which allows a TIPS DCA holder or a TIPS AS technical account holder to send a message to all other TIPS DCA holders and TIPS AS technical account holders, to send broadcast messages in the following categories:

TIPS DCA holders shall not send ‘free text messages’ or ‘insolvency messages’. The TIPS DCA holder making use of the broadcast facility retains sole responsibility and liability for the content of any message.

The ECB may on the request of an AS open and operate one or more RTGS AS technical accounts to support RTGS AS settlement procedures.

There shall be no debit balance on an RTGS AS technical account.

RTGS AS technical accounts shall not be published in the RTGS directory.

The AS shall select at least one of the following settlement procedures for the purposes of processing AS transfer orders:

The rules set out in Articles 3, 4, 5, 6 and 7 shall apply to RTGS AS settlement procedures A, B, C, D and E, respectively.

The RTGS AS settlement procedures shall be operational during the times set out in Appendix V.

The AS shall request the ECB to create a settlement bank account group.

The AS shall only send AS transfer orders to accounts included in the settlement bank account group referred to in paragraph 7.

The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure A. The balance on such account shall be zero at the end of the day.

The AS may request the opening of an AS guarantee fund account to support settlement in connection with the ‘settlement period’ service. The balances on the AS guarantee fund account shall be used to settle AS transfer orders in the event that there is insufficient available liquidity on a settlement bank's RTGS DCA. The AS guarantee fund account may be held by the ECB, the AS or an eligible participant. The AS guarantee fund account shall not be published in the RTGS directory.

The AS shall submit AS transfer orders as a batch in a single file in which the sum of debits must balance the sum of credits.

The ECB shall first attempt to settle AS transfer orders that debit the RTGS DCAs of settlement banks and crediting the AS's RTGS AS technical account. Only upon settlement of all such AS transfer orders (including possible funding of the RTGS AS technical account from the AS guarantee fund account) the ECB shall attempt to settle AS transfer orders that debit the RTGS AS technical account and that credit the RTGS DCAs of settlement banks.

If an AS transfer order to debit a settlement bank's RTGS DCA is queued, the ECB shall inform the settlement bank by means of a broadcast message.

If an AS guarantee fund account has been opened and a settlement bank has insufficient funds on its RTGS DCA, the AS may instruct the ECB to activate the guarantee fund mechanism by means of a request to debit the AS guarantee fund account and to credit the RTGS AS technical account. If the AS guarantee fund account does not have sufficient funds to complete settlement, the settlement process shall fail.

If the settlement process fails for any reason, including as referred to in paragraph 6, the ECB shall reject all unsettled AS transfer orders in the single file referred to in paragraph 3 and shall reverse any AS transfer orders that have already been settled.

The AS shall be notified on completion or failure of the settlement.

The AS may opt for the following services:

The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure B. The balance on such account shall be zero at the end of day.

The AS may request the opening of an AS guarantee fund account to support settlement in connection with the ‘settlement period’ service. The balances on the AS guarantee fund account shall be used to settle the AS transfer orders in the event that there is insufficient available liquidity on a settlement bank's RTGS DCA. The AS guarantee fund account may be held by the ECB, the AS or an eligible participant. The AS guarantee fund account shall not be published in the RTGS directory.

The AS shall submit AS transfer orders as a batch in a single file in which the sum of debits must balance the sum of credits.

Settlement procedure B operates on an ‘all-or-nothing’ basis. The ECB shall attempt to simultaneously settle all AS transfer orders that debit the RTGS DCAs of settlement banks and credit the AS’s RTGS AS technical account, and all AS transfer orders that debit the RTGS AS technical account and credit the RTGS DCAs of settlement banks. If one or more of the AS transfer orders cannot be settled, all AS transfer orders shall be queued and an optimisation algorithm shall be applied, and the settlement banks shall be informed.

If an AS guarantee fund account has been opened and a settlement bank has insufficient funds on its RTGS DCA, the AS may instruct the ECB to activate the guarantee fund mechanism by means of a request to debit the AS guarantee fund account and to credit the RTGS AS technical account. If the AS guarantee fund account does not have sufficient funds to complete settlement, the settlement process shall fail.

If the settlement process fails for any reason, including as referred to in paragraph 5, the ECB shall reject all unsettled AS transfer orders in the single file referred to in paragraph 3.

The AS shall be notified on completion or failure of the settlement.

The AS may opt for the following services:

Settlement procedure C supports settlement using dedicated liquidity on sub-accounts. The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure C. The balance on such account shall be zero at the end of the day. This RTGS AS technical account may also be used to support the processing of AS transfer orders using settlement procedure E.

The AS shall ensure that each settlement bank opens at least one sub-account that is only to be used by the AS for the purposes of this settlement procedure.

The ECB shall start a mandatory settlement procedure C automatically on each TARGET business day according to the schedule set out in Appendix V, that shall trigger the settlement of those standing liquidity transfer orders set up for mandatory settlement procedure C by debiting the RTGS DCAs of the settlement banks and crediting the sub-account referred to in paragraph 2.

Settlement procedure C shall close by means of an end-of-procedure message, which may be sent by the AS at any time prior to the cut-off time for interbank payments as set out in Appendix V. If the AS does not send the end-of-procedure message by that cut-off time, the ECB shall close the procedure at that cut-off time.

The closure of the mandatory settlement procedure C leads to an automatic transfer of liquidity from the sub-account referred to in paragraph 2 to the RTGS DCA.

If the mandatory settlement procedure C is closed, the AS may start an optional procedure at any time before the cut-off time for interbank payments as set out in Appendix V, that shall trigger the settlement of those standing liquidity transfer orders set up for optional settlement procedure C by debiting the settlement bank’s RTGS DCA and crediting its RTGS sub-account. The AS may start and close one or several successive optional procedures before the cut-off time for interbank payments. The closure of an optional settlement procedure C leads to an automatic transfer of liquidity from the sub-account referred to in paragraph 2 to the RTGS DCA.

The mandatory settlement procedure C and any subsequent optional settlement procedure C may consist of one or several cycles.

The AS may, at any time after the start of a mandatory or optional settlement procedure C, start a cycle by means of a ‘start-of-cycle’ message. After the start of the cycle, liquidity transfers from the sub-account referred to in paragraph 2 may not be made until an ‘end-of-cycle’ message is sent by the AS. The balance can be changed during the cycle as a result of cross-system settlement payments or if a settlement bank transfers liquidity to its sub-account. The ECB shall notify the AS of the reduction or increase of liquidity on the sub-account as a result of cross-system settlement payments. If the AS so requests, the ECB shall also notify it of the increased liquidity on the sub-account as a result of liquidity transfer orders by the settlement bank.

The AS may submit AS transfer orders as a batch in one or several files while the cycle is open. The cash transfer orders may be for any of the following transactions:

The ECB shall immediately settle those AS transfer orders that can be settled. AS transfer orders that cannot be settled immediately shall be queued and an optimisation algorithm shall be applied. Any AS transfer orders which remain unsettled at the time the cycle is closed shall be rejected.

The AS shall be notified at the latest by the end of the cycle of the status of the individual AS transfer orders.

RTGS AS Settlement procedure D supports settlement with the use of pre-funding. The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure D.

The RTGS AS technical accounts shall only have a zero balance or a positive balance. Liquidity may remain on the RTGS AS technical account overnight whereupon it will be subject to remuneration as set out in Part I, Article 12(2).

The ECB shall notify the AS of liquidity transfers debiting the RTGS DCAs of the settlement banks and crediting the RTGS AS technical account. These liquidity transfers may be made on each TARGET business day according to the schedule set out in Appendix V. The AS may input immediate liquidity transfer orders that debit the RTGS AS technical account and credit the RTGS DCAs of the settlement banks.

RTGS AS Settlement procedure E supports bilateral settlement and the individual processing of AS transfer orders. The AS may use Settlement Procedure E without an RTGS AS technical account for bilateral settlement. The AS shall request an RTGS AS technical account to support the processing of AS transfer orders using settlement procedure E if it opts for the individual processing of AS transfer orders. The balance on this RTGS AS technical account shall be zero at the end of the day. This RTGS AS technical account may also be used for settlement procedure C.

The AS may submit AS transfer orders as a batch in one or several files between:

The ECB shall settle immediately those AS transfer orders that can be settled. AS transfer orders that cannot be settled immediately shall be queued. If an AS transfer order to debit a settlement bank's RTGS DCA is queued, the settlement bank shall be informed via a broadcast message.

The AS may opt for the following services:

The AS shall be notified of the status of the individual AS transfer orders submitted.

The ‘information period’ service allows the AS to inform its settlement banks of the liquidity needed to ensure successful settlement. This optional service allows the AS to define a period before the start of the settlement of the AS transfer orders. During that period, and at the request of the settlement bank, the AS may revoke either single AS transfer orders (for RTGS AS settlement procedure E) or files (for RTGS AS settlement procedures A and B). The AS may also request the ECB to perform such revocation on its behalf.

In the event that an AS, or the ECB on its behalf, revokes single AS transfer orders (for RTGS AS settlement Procedure E) or files (for RTGS AS settlement procedures A and B) during the ‘information period’, the processing of the AS transfer orders shall be cancelled.

The ‘settlement period’ service allows the AS to define a period until which the settlement of the AS transfer orders can take place. This service is a prerequisite for the use of a guarantee fund account, and is optional for the use of AS technical accounts.

During the ‘settlement period’ the AS, or the ECB on its behalf, may revoke either single AS transfer orders (for RTGS AS settlement procedure E) or files (for RTGS AS settlement procedures A and B) that do not have a final status and the following shall apply:

Cross-system settlement allows an AS to credit the RTGS AS technical account of another AS or sub-account of a settlement bank of another AS and is available for AS using RTGS AS settlement procedure C or D.

The ECB shall, on the request of the AS, allow cross-system settlement between that AS and another AS in TARGET-ECB or another TARGET component system. The requesting AS shall provide the ECB with the authorisation of the other AS.

A cross-system settlement may only be initiated if the two AS have opened a settlement procedure. Furthermore, if the cross-system settlement is initiated by an AS using RTGS AS settlement procedure C, a settlement cycle must also be open for that AS.

An AS using RTGS AS settlement procedure C in the context of cross-system settlement shall only submit AS transfer orders individually that debit the sub-account of one of its AS settlement banks. These AS transfer orders would credit the sub-account of the receiving AS settlement bank if that receiving AS is using RTGS AS settlement procedure C, or would credit the RTGS AS technical account of the receiving AS if that AS is using RTGS AS settlement procedure D.

An AS using RTGS AS settlement procedure D in the context of cross-system settlement shall only submit AS transfer orders individually that debit its RTGS AS technical account. These AS transfer orders would credit the sub-account of the receiving AS settlement bank if that receiving AS is using RTGS AS settlement procedure C, or would credit the RTGS AS technical account of the receiving AS if that AS is using RTGS AS settlement procedure D. Both AS using cross-system settlement shall be notified via a broadcast message of the settlement or rejection of the AS transfer orders.

The ECB may on the request of an AS that settles instant payments pursuant to the SCT Inst scheme, TIPS OLO credit transfer orders or near instant payments in its own books, open and operate one or more TIPS AS technical accounts. If the TIPS AS technical account holder exercises its option to accept TIPS OLO credit transfer orders, it shall inform the ECB accordingly.

There shall be no debit balance on a TIPS AS technical account.

The ancillary system shall use a TIPS AS technical account to collect the necessary liquidity set aside by its clearing members to fund their positions.

The ancillary system may opt to receive notifications of the crediting and debiting of its TIPS AS technical account. If the ancillary system opts for this service, notification is provided immediately upon the debit or credit of the TIPS AS technical account.

An ancillary system may send instant payment orders and positive recall answers to any TIPS DCA holder or TIPS AS technical account holder, and it may send TIPS OLO credit transfer orders to any TIPS DCA holder or TIPS AS technical account holder which has opted to receive them.

An ancillary system shall receive and process instant payment orders, recall requests and positive recall answers from any TIPS DCA holder or TIPS AS technical account holder. If it has informed the ECB of the exercise of its option in accordance with paragraph 1, it shall accept TIPS OLO credit transfer orders from any TIPS DCA holder or TIPS AS technical account hold which has opted to send them.

A TIPS AS technical account holder may send messages:

A TIPS AS technical account holder shall receive messages:

A timestamp for the processing of cash transfer orders is allocated in the sequence of their receipt.

All cash transfer orders submitted to TARGET-ECB shall be processed following the ‘first in, first out’ (FIFO) principle without prioritisation or reordering.

After an instant payment order or TIPS OLO credit transfer order has been accepted as set out in Part I, Article 16(1), the ECB shall check if sufficient funds are available on the payer’s TIPS AS technical account to effect settlement and the following shall apply:

Funds reserved in accordance with paragraph 3(b) shall not be available for the settlement of subsequent cash transfer orders.

Without prejudice to paragraph 3(b), the ECB shall reject an instant payment order or TIPS OLO credit transfer order if the amount of the instant payment order or TIPS OLO credit transfer order exceeds any applicable credit memorandum balance (CMB).

After a liquidity transfer order from a TIPS AS technical account to a TIPS DCA has been accepted as set out in Part I, Article 17(1), the ECB shall check if sufficient funds are available on the payer’s TIPS AS technical account. If sufficient funds are not available the liquidity transfer order shall be rejected. If sufficient funds are available the liquidity transfer order shall be settled immediately.

After a positive recall answer has been accepted as set out in Part I, Article 17, the ECB shall check if sufficient funds are available on the TIPS AS technical account to be debited. If sufficient funds are not available the positive recall answer shall be rejected. If sufficient funds are available the positive recall answer shall be settled immediately.

Without prejudice to paragraph 7, the ECB shall reject positive recall answers if the amount of the positive recall answer exceeds any applicable CMB.

A TIPS AS technical account holder may submit a recall request.

The recall request shall be forwarded to the payee of the settled instant payment order or the TIPS OLO credit transfer order which may answer with a positive or negative recall answer.

A TIPS AS technical account holder may designate one or more reachable parties. Reachable parties shall have adhered to the SCT Inst scheme signing the SEPA Instant Credit Transfer Adherence Agreement and, if they are addressable in TARGET as RTGS DCA holders, addressable BIC holders or as entities referred to in Part III, Article 3(1), point (a) of Guideline (EU) 2022/912 (ECB/2022/8), having been authorised to use an RTGS DCA by way of multi-addressee access, they shall hold a TIPS DCA or be reachable via a TIPS DCA.

A TIPS AS technical account holder shall provide evidence to the ECB of each designated reachable party’s adherence to the SCT Inst scheme.

A TIPS AS technical account holder shall inform the ECB if any designated reachable party no longer adheres to the SCT Inst scheme and shall, without undue delay, take steps to prevent the reachable party from accessing the TIPS AS technical account.

A TIPS AS technical account holder may allow its designated reachable parties access via one or more instructing parties.

Part I, Article 7 shall apply to an AS that has designated reachable parties.

A TIPS AS technical account holder that has designated a reachable party shall ensure that reachable party is at all times available for the purpose of receiving messages.

The following transactions shall be processed via a TIPS AS technical account in TARGET-ECB:

The TIPS directory is a list of BICs used for the purpose of routing information and comprises the BICS of:

The TIPS directory shall be updated daily.

TIPS AS technical account holders may only distribute the TIPS directory to their designated reachable parties and their instructing parties. Reachable parties may only distribute the TIPS directory to their branches.

A specific BIC shall only appear once in the TIPS directory.

TIPS AS technical account holders acknowledge that the ECB and other CBs may publish names and BICs of reachable parties designated by the TIPS AS technical account holders and TIPS AS technical account holders shall ensure that reachable parties have agreed to such publication.

The central Mobile Proxy Lookup (MPL) repository contains the proxy – IBAN mapping table for the purposes of the MPL service.

Each proxy may be linked to only one IBAN. An IBAN may be linked to one or multiple proxies.

Part I, Article 28 shall apply to the data contained in the MPL repository.

Upon termination of a TIPS AS technical account holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders to or from that TIPS AS technical account holder.

If a TIPS AS technical account holders’ participation in TARGET-ECB is suspended on grounds other than those specified in Part I, Article 24(1), point (a), the ECB shall:

If a TIPS AS Technical Account Holder’s participation in TARGET-ECB is suspended on the grounds specified in Part I, Article 24(1), point (a), the suspended TIPS AS technical account holder’s CB shall reject all of its incoming and outgoing sash transfer orders.

The ECB shall process instant payment orders or TIPS OLO credit transfer orders of a TIPS AS technical account holder whose participation in TARGET-ECB has been suspended or terminated under Part I, Article 24(1) or (2) and in relation to which the ECB has reserved funds on a TIPS AS technical account pursuant to Part VII, Article 4(3), point (b), prior to the suspension or termination.

TIPS AS technical account holders may use the broadcast message function offered by TIPS, which allows a TIPS DCA holder or a TIPS AS technical account holder to send a message to all other TIPS DCA holders and TIPS AS technical account holders, to send broadcast messages in the following categories:

TIPS AS technical account holders shall not send ‘free text messages’ or ‘insolvency messages’. The TIPS AS technical account holder making use of the broadcast facility retains sole responsibility and liability for the content of any message.