Payment and Settlement Systems Department

The tasks of the Payment and Settlement Systems Department are to administer payment and settlement systems, to develop and oversee the payments market, and to organise payment services as a vital service under the Emergency Act. The Head of the Payment and Settlement Systems Department is Rainer Olt.

The Settlement Division works with other Eurosystem central banks to provide TARGET2 services to market participants. The division also provides settlement services to the contractual clients of Eesti Pank and fulfils the support function for monetary policy transactions, the investments of Eesti Pank itself, and collateral management. The Head of the Settlement Division is Viire Oll.

The Payments Policy Division helps promote development of the payments market, sets policy for the payments market and means of payments, and steers development of the legislative environment at the national and EU levels. The Head of Division is Teet Puusepp.

Oversight of payment and settlement systems by the department analyses the functioning of systems, assesses the risks to them, and recommends ways to minimise those risks. The focus of the department in organising vital payment services is on ensuring the resilience of payments and card payments and assessing risks to them. Eesti Pank works with Finantsinspektsioon in both of these roles. Oversight is managed by Kaire Torsus.

The Payment and Settlement Systems Department it is also responsible for the development, risk management and quality assurance of the settlement systems managed by Eesti Pank.