Payments and Cash Department

The Payments and Cash Department manages payment and settlement systems, organises cash circulation, promotes the payment environment and oversees payment systems. It also organises payment services and cash circulation as vital services. The department handles the preparations for introducing the digital euro, tackling financial fraud, and other issues affecting payments.

The department is headed by Rainer Olt. Besides him, there are 30 other people in the department. The department has five divisions.

The Operations and Back-office Division

  • works with other Eurosystem central banks to provide TARGET services to market participants
  • provides settlement services to Eesti Pank’s contractual partners
  • settles the monetary policy and reserve management transactions of the central bank and manages the collateral

The Head of the Division is Viire Oll.

The Cash Handling Division

  • manages cash resources and puts cash into circulation
  • runs procurements for banknotes and coins
  • processes euro cash, removes unfit banknotes from circulation, and helps to minimise the spread of counterfeit money

The Head of the Division is Martti Näksi.

The Payments Policy Division

  • participates in the development of the payment environment
  • sets policy for the payment environment, means of payment, and cash settlement of securities and currency transactions
  • shapes the development of the legislative framework at the Estonian and European Union levels

The Head of Division is Teet Puusepp.

The Payment and Cash Services Resilience Division 

  • organises the continuity for payment services and cash circulation as vital services and assesses the readiness of service providers to cope with crises
  • organises planning for cash, analyses the construction and functioning of the cash circulation chain, and oversees the equipment of cash handlers
  • oversees payment systems

Continuity and oversight of payment services is managed by Kaire Torsus, and continuity of cash circulation and cash issues are managed by Margot Luukas.

The Payments and Cash IT Division organises technical development, management, technical continuity and user support for Estonian market participants including the payment and settlement systems and cash handling systems of Eesti Pank.

The Head of Division is Innar Vainre.