According to Article 127 TFEU (Lisbon Treaty 2009), the ECB must ensure the smooth operation of payment systems. This is done primarily through the TARGET system. – In August 2014, the ECB issued a regulation on oversight requirements for systemically important payment systems (SIPS). – See business continuity programs, clearing house, automatic, finality, large-value payments, capital transfer system, electronic, Contact Group on Strategic Issues in Euro Payments, RTGS system, ShortTerm European Papers, TARGET system. – For a clear overview of payment systems, see the Deutsche Bundesbank’s Monthly Report of September 2005, p. 45 ff. (p. 50:
Overview of the typology of systems), ECB Monthly Report of August 2006, p. 81 ff (detailed presentation of large-value payment systems), Deutsche Bundesbank Monthly Report of July 2008, p. 49 ff (development trends) as well as statistics with explanations in the respective Annual Report of the Deutsche Bundesbank (chapter: “Tasks in payment and securities transactions”), Deutsche Bundesbank Monthly Report of January 2012, p. 47 ff. (detailed presentation of progress in retail payments; legal sources; ISO 20022 standard in retail payments; overviews), Deutsche Bundesbank Monthly Report of December 2013, p. 29 ff. (Detailed
Presentation of retail payments in the euro area; many overviews),
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