There are more than 55 high and low-value payment systems in the 15 original EU countries that will require varying levels of harmonisation to develop a pan-Eurozone payments infrastructure. In response, payment system infrastructures (PSIs) such as the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) are evolving beyond supplying utility services and are becoming partners in providing an infrastructure and services. These improvements will help meet demand for a more harmonised service level, guaranteed cost efficiency and the scalability and service necessary to support EU enlargement. PSIs are also providing new services, tools, and technology that allow the differentiation of participants’ own product and service offerings.
James R Eckenrode, vice-president of the Banking and Payments practice at TowerGroup. Email: jim.eckenrode@towergroup.com.
