A unique RTGS-equivalent large-value payment system

EURO1 is the only private sector large-value payment system for single same-day euro transactions at a pan-European level. The EURO1 System processes transactions of high priority and urgency, and primarily of large amount, both at a domestic and at a cross-border level.

It combines a high liquidity efficiency with finality of each processed individual transaction; 95 percent of the EURO1 transactions settle in real time at system level and over 99 percent within 30 minutes.

EURO1 is a unique RTGS-equivalent net settlement system, held to the highest oversight requirements and overseen by the European Central Bank with the involvement of National Central Banks of the Eurosystem.

EURO1 was launched in 1999 and was developed to provide an efficient, secure and cost-effective net settlement infrastructure, with immediate finality for all processed payments, for large-value payments in euro. Today, the system counts 34 participant banks and processes on average 180,000 payments per day with an average total value of about EUR 200 billion. The system counts over 4,800 participant BICs with over 10,000 additional BICs reachable via the EURO1/STEP1 Participants, as listed in the EURO1/STEP1 Directory.

EURO1 successfully migrated to ISO 20022 in March 2023, in alignment with the T2 RTGS/T2S Consolidation project of the Eurosystem.