Systemically Important Payment System: Difference between revisions

Revision as of 12:22, 4 February 2023

Revision as of 12:38, 20 June 2023

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{{Short description|Designation for financial payment systems}}

'''Systemically important payment systems''' ('''SIPS''') are [[payment system]]s which have the characteristic that a failure of these systems could potentially endanger the operation of the whole economy. In general, these are the major payment clearing systems or [[real-time gross settlement]] systems of individual countries, but in the case of Europe, there are certain pan-European payment systems. [[TARGET2]] is a pan-European SIPS dealing with major inter-bank payments. [[STEP2]], operated by the [[Euro Banking Association]], is a major pan-European clearing system for retail payments which has the potential to become a SIPS.