Start of the functioning of the new real-time gross settlement system postponed
In progress under the aegis of the Eurosystem is the overhaul of the payment system that facilitates real-time gross settlement. In terms of the value of transactions settled, that system is one of the largest and most systemically important payment systems in the world. The start of that overhaul, in which the consolidation of payment and securities transaction settlement platforms is planned, was envisaged for 21 November 2022. Today, however, the members of the Governing Council of the European Central Bank decided to postpone the start date until 20 March 2023. This additional period will allow system participants to complete testing, and will thus ensure the increased stability of the new system. The Eurosystem will continue to provide market participants all necessary support in final preparations.