Glossary

The Cross-Border Payments and Reporting Plus (CBPR+) working group formulates and refines the market practice guidelines. They develop ISO20022 usage guidelines that covers migration of MT categories 1, 2 and 9 to lessen the impact to correspondent banks as well as other users of these messages, including security players.

The European Banking Association Clearing (EBA) EURO1/STEP1 (E1S1) system processes transactions of high priority and urgency, and primarily of large amount, both at a domestic and at a cross-border level. STEP1 is a same-day single payment service and processes retail payment orders and bank-to-bank transfers related to such commercial transactions.

The TARGET2 (T2) is the Real-Time Gross Settlement (RTGS) system owned and operated by the Eurosystem. Central banks and commercial banks can submit payment orders in euro to TARGET2, where they are processed and settled in central bank money, i.e., money held in an account with a central bank.

The TARGET2 (T2) Central Liquidity Management (CLM) component enables its participants to optimize their liquidity management, to group their accounts and to pool the available intraday liquidity for the benefit of all members of the group. It allows participants to control their liquidity outflow by setting limits, actively managing payment queues or prioritizing certain payments.