Securities settlement and payment systems

One of the statutory tasks the National Bank is charged with is to promote efficient and sound clearing and payment systems. The Bank tries to meet this objective through its operational association as system manager and chair of a number of payment systems.

TARGET2, short for Trans-European Automated Real-time Gross Settlement Express Transfer system, is the RTGS-system provided through the Eurosystem. It is used for settling central bank operations, for large interbank transfers in euro and also for other euro-denominated transfers.

  • TARGET2 is used for settling central bank operations, for large interbank transfers in euro and also for other euro-denominated transfers.

  • The "Single Euro Payments Area" (SEPA) is a major European project which aims at creating a single European market for payment services.

  • RECOUR, the current account system of the National Bank, is used for the settlement of operations on accounts held by the credit institutions.

  • The transaction management application WIROW FIN'Markets enables the users to consult all their current accounts, credit and collateral transactions in a straightforward way.

  • The National Bank administers a settlement system for securities, which ensures the secure handling of transactions in, predominantly, dematerialised securities.

  • Euroclear Belgium carries out the settlement of most stock exchange operations. The settlement takes place on Dedicated Cash Accounts opened in the T2-Securities platform of the Eurosystem.