Payment and Settlement Systems Department
- is involved in setting up and managing the payment and settlement systems of the ESCB
- meets the liabilities that result from managing Eesti Pank’s financial assets and the Eurosystem’s monetary policy operations
- manages and settles collateral assets submitted to Eesti Pank
- is responsible for the oversight of key financial sector infrastructures
- participates in developing the payments market and in designing and applying financial sector policies and regulations
The Head of the Payment and Settlement Systems Department is Rainer Olt. There are 14 staff in the department beside him. There are two divisions in the Payment and Settlement Systems Department.
The Settlement Division works with other Eurosystem central banks to provide TARGET2 services to the market, covering TARGET2 for settling payments, TARGET2-Securities for settling securities, and TIPS for settling instant payments. The division also helps develop new TARGET services, with the creation of a new RTGS system and ECMS collateral management system as part of the consolidation of TARGET. The division also provides settlement services to the contractual clients of Eesti Pank and meets the liabilities arising from transactions concluded on behalf of Eesti Pank. The Head of Division is Viire Oll and there are seven other staff alongside her in the division.
The Policy and Oversight Division is responsible for the oversight of financial sector infrastructures, analysing the payment market and helping promote its development. The Division participates in designing the policies and regulations of payment and settlement systems at the national and EU levels. The Head of Division is Kaire Torsus and there are three other staff in the division.
There are also two more staff in the Payment and Settlement Systems Department, and they are responsible for the development, risk management and quality assurance of the settlement systems managed directly by Eesti Pank. The Department works closely in matters of development with market participants, other European central banks and clearing houses.