A unique RTGS-equivalent large-value payment system

EURO1 is the only private sector large-value payment system for single same-day euro transactions at a pan-European level. The EURO1 system processes transactions of high priority and urgency, and primarily of large amount, both at a domestic and at a cross-border level.

It combines a high liquidity efficiency with finality of each processed individual transaction; 95 percent of the EURO1 transactions settle in real time at system level and over 99 percent within 30 minutes.

EURO1 is a unique RTGS-equivalent net settlement system, held to the highest oversight requirements and overseen by the European Central Bank with the participation of National Central Banks of the Eurosystem.

EURO1 was launched in 1998 and was developed to provide an efficient, secure and cost-effective net settlement infrastructure, but with immediate finality for all processed payments, for large-value payments in the single currency environment. Today, the system counts 35 participant banks and processes on average over 180,000 payments per day with an average total value of about EUR 190 billion. The service counts close to 6,000 participant BICs with about 10,000 additional BICs reachable via the EURO1/STEP1 Participants, as listed in the EURO1/STEP1 Directory.

The EURO1 system is scheduled to migrate to the ISO 20022 standard for high-value payments in March 2023, in alignment with TARGET2.

Key benefits

  • Immediate finality of processed payments

  • Optimal liquidity recycling

  • One liquidity position for banking groups

  • Minimal counterparty exposure managed by participants

  • Operational robustness and resilience