ECB Decision on Non-Bank Payment Service Provider Access

This European Central Bank decision outlines rules for non-bank payment service providers (NB-PSPs) accessing Eurosystem payment systems and central bank accounts. Key aspects include establishing non-discriminatory access criteria, setting maximum holding limits for funds in these accounts to prevent misuse, and specifying penalties for non-compliance. The decision clarifies that central banks will not offer safeguarding accounts to NB-PSPs and addresses the transition of existing NB-PSP connections to a direct participation model in TARGET. A review process is included to ensure the rules remain appropriate, and the decision takes effect on 9 April 2025. Finally, the document defines key terms and lays out specific procedures and timelines for implementation.