Payment systems are a means of transferring money between credit institutions and other monetary entities and therefore stand at the heart of the economy's financial infrastructure. Entrusting the Eurosystem with the task of promoting the smooth operation of payment systems recognises the importance of having efficient payment systems in place to implement monetary policy and to enhance the stability of the financial system and, as a result, of the economy as a whole.
The function of "promoting the proper working of payment systems" entails ensuring the security and efficiency of payment instruments. The Eurosystem co-ordinates this monitoring by applying standard criteria.