OverviewKey featuresHow does EURO1 work?Liquidity efficiencyEURO1 admission criteria and default rulesBenefits of sub-participationReachabilityParticipantsStatisticsService documentationContact us Admission criteria and default rules In order to be eligible to participate in the EURO1 system, an entity has to fulfil certain legal, financial and operational criteria. Legal criteria An entity has to*: be authorised to conduct banking business, or be authorised under relevant EEA laws as an electronic money institution (EMI) or payment institution (PI) have its registered office in the EU, the EEA, or, for credit institutions also, in a member state of the OECD participate in the EURO1 System from its registered address or a branch located in the EU provide a capacity opinion not be a member of the same group as an existing EURO1 Participant (for pre-fund participants the requirement is to be a member of the same corporate group as a EURO1 Participant) provide, where applicable, a statement of compliance with the conditions set out by EEA laws** for PIs and EMIs requesting their participation in designated payment systems In addition, the laws of all the jurisdictions from where a participating entity accesses the system must recognise the Single Obligation Structure, which forms the legal basis of the system. *Access by non-bank PSPs - May 2025: Access by non-bank PSPs to the system will become possible from the moment EEA PIs and EMIs are able to access the TARGET system and relevant EEA laws*** have been transposed. Subject to amendments of the TARGET guideline and such transposition, the admission criteria relevant to the participation of EEA PIs and EMIs in EURO1 are thus now expected to be applicable from October 2025. ** Pursuant to Article 35a of Directive (EU) 2015/2366 (Payment Services Directive 2 or PSD2) as amended. *** amendments to PSD2 and to the Directive 98/26/EC (Settlement Finality Directive or SFD), allowing PIs/EMIs participation in payment systems. Financial criteria (applying upon admission) An applicant has to: have own funds of at least EUR 1.25 billion have a short-term credit rating of at least P2 (Moody’s) or A2 (S&P), or equivalent Operational criteria An applicant has to: have access to an RTGS account in TARGET have adequate technical and operational facilities, including back-up facilities, and staffing for the purposes of participation in the system and for the security of its IT infrastructure for connecting to the system Change dates Change dates for all EURO1 Services are set by the below conditions: There is a maximum of one change date per month: the first Monday of the month following an entire weekend (Saturday & Sunday) falling within that same month. The administrative deadline for submitting legal and administrative documents is one month prior to the given change date. There are no change dates during the freeze period between the second week of December and the second week of January. Default rules EURO1 is designed to ensure completion of settlement in the case of a default by any number of participants, based on the Liquidity Pool and Loss Sharing arrangements. Exclusion, suspension and withdrawal from the EURO1 System A participant can be prevented definitively or temporarily by the System Operator from continuing to participate in the system if certain suspension or exclusion events occur. It can also decide voluntarily to leave the system. Defaults, including financial or operational defaults, are addressed in first instance through the activation of incident handling and, as applicable, crisis management arrangements. The occurrence of a suspension or exclusion event and the consequences thereof for the suspended / excluded participant and for the other participants are determined solely in accordance with the rules governing the system. The system’s rules are proprietary and confidential, and are available to all participants, to prospective participants that have applied to become a participant, and to relevant authorities including in particular the European Central Bank as the lead overseer of EURO1. Temporary suspension Failure to comply with the operational and legal criteria for participation and failure to pay or replenish when due settlement related obligations constitute suspension events. Where relevant, an inquiry notice is sent to the participant to confirm the occurrence of a suspension event. Participants must remedy the cause of a suspension event. An appeals procedure is in place in case the System Operator denies the termination of a suspension. Exclusion Events that may give rise to exclusion comprise in particular: confirmed insolvency events loss of banking or PI/EMI license unremedied suspension Consequences of suspension/exclusion Subject to the specific provisions of the EURO1 System Documentation, in the event of suspension or exclusion, no payment messages will be processed in relation to a suspended or excluded participant as from the moment of its suspension or exclusion (and, in the case of suspension, as long as the suspension continues). Withdrawal from the system A participant in EURO1 may voluntarily withdraw from the system upon at least 30 days’ notice. Pricing For information on the EURO1 pricing, please click here.