TARGET-Banco de España is the Spanish component of TARGET, the system owned and operated by the Eurosystem to settle transactions in central bank money, comprising the following settlement services: T2 (for settling large-value payments in euro), T2S (for settling securities) and TIPS (for settling instant payments).
FXS is a payment system for the interbank settlement of foreign exchange transactions in payment-versus-payment mode. It is managed by BME Post Trade Services, S.A.U., a BME Group company.
Sistema de Tarjetas y Medios de Pago, S.A. manages the system that clears most of the domestic transactions with Mastercard or Visa cards (referred to as the “STMP system”).
The national electronic clearing system (SNCE) is managed by Iberpay (Sociedad Española de Sistemas de Pago, S.A.). This system processes retail payment transactions with SEPA instruments (credit transfers, instant credit transfers and direct debits), cheques, transfers, bills of exchange and various other transactions. Card transactions are also settled by the SNCE, once cleared by the STMP system, while relying on prefunding in T2.
Both TARGET-Banco de España and the SNCE are payment systems recognised under Law 41/1999.