OverviewKey featuresHow does EURO1 work?ISO 20022 migrationLiquidity 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 have its registered office in a member state of the EU or in an OECD country 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 bank group as a EURO1 Participant) In addition, the laws of all the jurisdictions from where a participating bank accesses the system must recognise the Single Obligation Structure, which forms the legal basis of the system. Access by non-bank PSPs – November 2024 In view of recent amendments made to the EU Settlement Finality Directive (SFD), access to and participation in the EURO1 System will be expanded to allow payment institutions (PIs) and electronic money institutions (EMIs) in scope of the SFD to gain direct access to this system. Thus, the current participation criterion allowing entities “authorised to conduct banking business” in all relevant jurisdictions to participate in EURO1, will be expanded to include eligible PIs and EMIs. All other existing admission and participation criteria will need to be fulfilled by any new applicant, as well as by all existing participants on a continuous basis. The EURO1 Rules will be applied in the same way to all prospective and existing participants. The changes shall become effective on or after 9 April 2025, subject to the transposition of the amended SFD and update of the TARGET Guideline. Financial criteria (applying upon admission) A bank 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 A bank has to: have direct access to T2 RTGS have adequate technical and operational facilities, including back-up facilities, and staffing for the purposes of participation in 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). 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 events occur. It can also decide voluntarily to leave the system. Certain events may occur, including financial or operational defaults. Such 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 to terminate a suspension. Exclusion Events that may give rise to exclusion comprise in particular: confirmed insolvency events loss of authorisation to conduct banking business 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.