Customer payments from one bank to another and interbank payments are transmitted through payment systems. The integration of the euro area has also led to the processing of domestic payments in euro area-wide systems. Examples of these are STEP2, maintained by European banks, and TARGET2, operated by European central banks. The Bank of Finland contributes to maintaining the reliability and efficiency of the payment system and the overall financial system and participates in their development.
1 PMJ (banks’ retail payment system) is a retail payment system operated by Finnish banks.
2 POPS is the banks’ online payment system for transmission of interbank express transfers and cheques.
3 STEP2 is a Europe-wide payment system, operated by EBA (Euro Banking Association), for the transmission of retail payments.
4 EURO1 is a large-value payment system for transactions in euro, working on a multilateral basis and operated by EBA.
5 TARGET2 refers to the Trans-European Automated Real-time Gross settlement Express Transfer system, operated by the Eurosystem.