Payment and securities settlement systems are key elements of a country's economic and financial activity and, broadly speaking, constitute the infrastructure used to move assets within an economy. As a result, the smooth functioning of settlement systems is vital for financial stability.
Promoting the smooth functioning of payment systems is one of the Banco de España's functions. The Bank is also responsible for their oversight, which is the basic tool for identifying and assessing inherent risks, and for verifying that all systems are equipped with proper control mechanisms.
This section provides information on the payment and securities clearing and settlement systems that exist in Spain. It also details the main characteristics of the integration projects carried out in this field which cover the Euro area (Single Euro Payments Area or TARGET2-Securities). Furthermore, it contains information on the oversight of payment systems the main aspects of securities clearing and settlement and other relevant issues from the perspective of the Banco de España and the Eurosystem as a whole.