Decision (EU) 2025/222 of the European Central Bank of 27 January 2025 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts (ECB/2025/2)

• CELEX: Decision (EU) 2025/222
• Articles: 7

Article 1 Definitions

For the purposes of this Decision, the following definitions apply:

(1)

‘Eurosystem central bank’ means the European Central Bank or a national central bank of a Member State whose currency is the euro;

(2)

‘central bank operated payment system’ means a payment system operated by a Eurosystem central bank which includes a TARGET component system;

(3)

‘non-bank payment service provider’ or ‘NB-PSP’ means any of the following:

(a)

a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366 of the European Parliament and of the Council  ( 6 ) , with the exception of those benefitting from an exemption pursuant to Article 2(5), or Articles 32 or 33 of that Directive;

(b)

an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council  ( 7 ) , with the exception of a legal person benefitting from a waiver under Article 9 of that Directive;

(4)

‘safeguarding account’ means a separate account in either a credit institution or, at the discretion of a Eurosystem central bank, in that central bank, that is opened by either:

(a)

a non-bank payment service provider to ensure the segregation of its clients’ funds from that non-bank payment service provider’s own funds, for the purposes of Article 10(1), point (a), of Directive (EU) 2015/2366;

(b)

a crypto-asset service provider to ensure the safeguarding of the ownership rights of its clients and preventing the use of its clients’ funds for its own account, for the purposes of Article 70 of Regulation (EU) 2023/1114 of the European Parliament and of the Council  ( 8 ) ;

(5)

‘crypto-asset service provider’ means a crypto-asset service provider as defined in Article 3(1), point (15), of Regulation (EU) 2023/1114;

(6)

‘cash transfer order’ means a cash transfer order as defined in Annex III, point (16) of Guideline (EU) 2022/912 (ECB/2022/8);

(7)

‘end of the business day’ means the cut-off time, as provided for in the rules of the relevant central bank operated payment system, for the settlement of cash transfer orders for that specific business day.

Article 2 Access to central bank operated payment systems

1.   A Eurosystem central bank shall upon request provide access to its central bank operated payment systems for a non-bank payment service provider (NB-PSP) that complies with all of the following requirements:

(a)

the NB-PSP (or a third party carrying out such tasks for whose actions and omissions the NB-PSP remains solely liable) installs, manages, operates, monitors and ensures the security of the necessary IT infrastructure to connect to the central bank operated payment system and is able to submit cash transfer orders to the central bank operated payment system;

(b)

the NB-PSP provides any supporting information the relevant central bank reasonably deems necessary to decide on an application to obtain access to the central bank operated payment system;

(c)

the NB-PSP implements adequate security controls to protect its systems from unauthorised access and use, including in relation to cyber resilience and information security;

(d)

the NB-PSP submits to the relevant central bank either a statement issued by the relevant national competent authority or a statement duly signed as approved by the competent management body of the NB-PSP, in both cases confirming compliance by the NB-PSP with: (i) the conditions for requesting participation in designated payment systems, as set out in the relevant national law provisions implementing Article 35a(1) of Directive 2015/2366; and (ii) with the procedures set out in the relevant national law provisions implementing Article 35a(2) of Directive 2015/2366.

For the avoidance of doubt, nothing in this paragraph shall exempt NB-PSPs from compliance with any requirements, including specific application procedures, applicable to them pursuant to Guideline (EU) 2022/912 (ECB/2022/8).

2.   As regards any request from an NB-PSP to a Eurosystem central bank to provide access to TARGET, the provisions of paragraph 1 shall apply from 16 June 2025.

3.   An NB-PSP that has been provided with access to a central bank operated payment system shall submit to the relevant central bank once in each year of such access a statement signed as approved by its competent management body confirming ongoing compliance by the NB-PSP with the requirements set out in paragraph 1, points (c) and (d). The relevant central bank shall be entitled to verify the information provided in such statement and request any supporting documentation it reasonably deems necessary.

4.   A national central bank of a Member State whose currency is the euro may include additional requirements on NB-PSPs to access its central bank operated payment systems, in order to address the specific risk profile of its central bank operated payment systems other than TARGET.

Article 3 Accounts in central bank operated payment systems and non-offering of safeguarding accounts

1.   Eurosystem central banks shall not offer or provide safeguarding accounts to NB-PSPs or to crypto-asset service providers.

2.   Eurosystem central banks shall not open accounts other than accounts in central bank operated payment systems for NB-PSPs that are eligible to participate in such central bank operated payment systems.

3.   TARGET accounts offered for the purposes of real-time gross settlement ancillary system settlement procedure D as referred to in Annex I, Part VI, Article 6, to Guideline (EU) 2022/912 (ECB/2022/8) (hereinafter ‘RTGS AS settlement procedure D’) and TARGET accounts offered for the purposes of TARGET instant payment settlement (TIPS) ancillary system (TIPS AS) settlement procedures under Annex I, Part VII, to that Guideline (hereinafter ‘TIPS AS settlement procedures’) shall not be considered safeguarding accounts for the purposes of paragraph 1.

4.   The Eurosystem central banks shall, no later than 31 December 2025, terminate access for NB-PSPs registered as addressable business identifier code (BIC) holders or reachable parties on the Eurosystem central banks’ own account in TARGET.

5.   Subject to Article 2(4), the Eurosystem central banks shall provide access, direct or otherwise, for NB-PSPs to central bank operated payment systems excluding TARGET on the same basis as such access is offered for other eligible participants.

6.   The remuneration of holdings on all accounts held by NB-PSPs in each payment system operated by a Eurosystem central bank shall be in accordance with Decision (EU) 2024/1209 of the European Central Bank (ECB/2024/11)  ( 9 ) .

Article 4 Maximum holding amounts

1.   Funds held at the end of the business day by an NB-PSP on all accounts in any individual central bank operated payment system, including the TARGET accounts specified in paragraph 2, shall not exceed the maximum holding amount applicable to that payment system.

2.   The funds referred to in paragraph 1 shall include funds held at the end of the business day by an NB-PSP in any of the following accounts in TARGET:

(a)

Main Cash Account (MCA) as referred to in Annex I, Part II, to Guideline (EU) 2022/912 (ECB/2022/8);

(b)

RTGS Dedicated Cash Account (RTGS DCA) as referred to in Annex I, Part III, to Guideline (EU) 2022/912 (ECB/2022/8);

(c)

TARGET instant payment settlement (TIPS) dedicated cash accounts (TIPS DCA) as referred to in Annex I, Part V, to Guideline (EU) 2022/912 (ECB/2022/8).

3.   The funds referred to in paragraph 1 shall not include funds held by an NB-PSP on accounts in TARGET for the purposes of RTGS AS settlement procedure D or TIPS AS settlement procedures.

4.   The maximum holding amount referred to in paragraph 1 shall be calculated as follows:

(a)

Where the NB-PSP has been in operation for a period of 12 months prior to its application for access to a central bank operated payment system, the maximum holding amount shall be twice the peak value of the outgoing cash transfer orders including, where relevant, ancillary system transfer orders but excluding liquidity transfers of the NB-PSP on any business day during the previous 12-calendar-month period. The NB-PSP shall include the detailed calculation of such maximum holding amount in its application to the relevant Eurosystem central bank to participate in the central bank operated payment system.

(b)

Where the NB-PSP has not been in operation for a period of 12 months prior to its application for access to a central bank operated payment system, the maximum holding amount shall be twice the NB-PSP’s expected total peak value of the outgoing cash transfer orders including, where relevant, ancillary system transfer orders but excluding liquidity transfers. The NB-PSP shall include its detailed calculation of the proposed maximum holding amount in its application to participate in the central bank operated payment system.

(c)

In the 12-month period following the opening of the first active account in the central bank operated payment system, the relevant Eurosystem central bank shall recalculate the maximum holding amount for each NB-PSP each month during the first quarter, and thereafter, each quarter. Such recalculated maximum holding amount shall apply from the next business day after recalculation is notified to each NB-PSP by the relevant Eurosystem central bank and until the next recalculation.

(d)

After the first 12-month period following the opening of the first active account in the central bank operated payment system, the relevant Eurosystem central bank shall recalculate the maximum holding amount once each year. The recalculation shall be based on the NB-PSP’s actual total peak value of all outgoing cash transfer orders including, where relevant, ancillary system transfer orders but excluding liquidity transfers during the previous 12-month period in the relevant central bank operated payment system and information provided to the relevant Eurosystem central bank in accordance with points (a) and (b).

(e)

In exceptional circumstances, the relevant Eurosystem central bank may, at its discretion, recalculate the maximum holding amount on an ad-hoc basis, in the event of a significant change in the settlement values of an NB-PSP that is imminent or has already occurred and that might cause non-compliance with the relevant maximum holding amount. Any such recalculation shall be made in accordance with point (b).

5.   In the event that the total funds on the NB-PSP’s accounts exceed the applicable maximum holding amount, the NB-PSP shall take immediate steps to reduce those total funds held to an amount below the maximum holding amount. If such a reduction is not possible due to an incoming payment shortly before the end of the business day, the reduction shall take place without undue delay after the start of the next business day.

6.   Where an NB-PSP is a direct participant in a payment system that is an ancillary system to TARGET, and relies on RTGS AS settlement procedure D or TIPS AS settlement procedures, that NB-PSP shall report to the relevant Eurosystem central bank on a monthly basis both the peak and average daily overnight holdings on the relevant TARGET ancillary system technical accounts. The NB-PSP shall also report, on a monthly basis, its peak and average daily settlement obligation amounts processed in the corresponding ancillary system.

7.   The ECB shall review the type of accounts listed in paragraph 2 no later than one year after the date on which this Decision applies, and at least every three years thereafter. The ECB shall review the method for calculating the maximum holding amount described in paragraph 4 no later than one year after the date on which this Decision enters into force, and at least every three years thereafter.

Article 5 Non-compliance with maximum holding amount limit or requirements for access to central bank operated payment systems

1.   In the event that an NB-PSP fails to comply with the requirements of Article 4, the relevant Eurosystem central bank shall impose a penalty at the rate of 0,03 % on the total amount in excess of the maximum holding amount held on all accounts by the NB-PSP at the end of the business day in each payment system operated by the relevant Eurosystem central bank, and an additional daily penalty of EUR 1 000 for each day of non-compliance.

2.   Where an NB-PSP has not remedied a material non-compliance with the requirements of Article 4, the relevant Eurosystem central bank may terminate the participation of the NB-PSP in the central bank operated payment system on one month’s notice and shall impose an additional one-off penalty of EUR 1 000 for each closed account.

For the purpose of this paragraph, each of the following shall be deemed, among others, to be an event of material non-compliance: (a) systematic or repeated breach of the relevant maximum holding amount limit, including but not limited to breach involving a significant amount in excess of the relevant maximum holding amount limit; and (b) failure to reduce the amount held on the relevant accounts to below the maximum holding amount by the end of the business day after the business day on which the funds are received.

3.   If an NB-PSP no longer complies with the requirements set out in Article 2(1), the relevant Eurosystem central bank may terminate that NB-PSP’s participation in the central bank operated payment system without prior notice.

4.   In the event that an NB-PSP fails to comply with the requirements set out in Article 2(3), the relevant Eurosystem central bank may terminate that NB-PSP’s participation in the central bank operated payment system on one month’s notice.

5.   The ECB shall review the provisions of this Article no later than one year after the date on which this Decision applies, and at least every three years thereafter.

Article 6 Amendment of terms and conditions of central bank operated payment systems

The Eurosystem central banks shall amend the terms and conditions of all central bank operated payment systems operated by them to include the requirements set out in Articles 2 to 5 where relevant.

Article 7 Entry into force

1.   This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .

2.   It shall apply from 9 April 2025.