Eesti Pank is responsible for promoting a secure and efficiently functioning payments market, which covers payment and settlement systems and methods of payment. How the payments market functions is important for
- ensuring the stability of the economic and financial system,
- conducting monetary policy, and
- arranging the uninterrupted circulation of currency.
Eesti Pank promotes the payments market in three ways:
- Helping payment systems operate efficiently
Eesti Pank has the right to set up and manage payment systems. Eesti Pank is the owner and service provider of the TARGET2-Eesti payment system and participates in developing the securities settlement platform TARGET2-Securities.
- Overseeing payment systems
Eesti Pank oversees TARGET2-Eesti, the securities settlement system and the card payment system. As overseer the central bank monitors and assesses how well the systems comply with international standards, and makes recommendations to help the systems function safely and reliably.
- Participating in facilitating the payments market
Eesti Pank helps the functioning and development of the payments market, and participates in designing and implementing the policies and the legal framework that apply to it. The Estonian Payment Forum promotes the sustainable development of the payments market.
The Eesti Pank principles for promoting the payment market describe what Eesti Pank does to meet its responsibilities, outlining the principles that should be followed in this, and giving a list of the domestic and cross-border payment system working groups that Eesti Pank participates in.