Ancillary-system TARGET terms take effect on November 14, 2026
Ancillary systems participating in TARGET-Banca d'Italia face contractual terms effective November 14, 2026. The Bank of Italy contract governs admission, settlement procedures, liquidity, fees and operational resilience.
Five routes to RTGS settlement
Applicants must pass technical tests; participation cannot start before the tenth working day after the competent branch receives signed documents.
The Bank of Italy communicates its admission decision within one month of receiving the application or requested additional information.
Ancillary systems choose among five RTGS settlement procedures, A to E, or use TIPS AS for instant payments.
RTGS AS pricing offers €300 monthly plus €1.60 per transfer, or €3,750 monthly with declining transaction fees.
Additional charges comprise €2,000 monthly and a value-based fee.
Each TIPS AS technical account costs €3,000 monthly, plus €20 per reachable party for up to 50 parties and €0.001 per accepted instant payment or positive recall response on each side.
Resilience backed by penalties
Contingency Solution connectivity and use have been mandatory for all ancillary systems and RTGS dedicated cash account holders since March 21, 2025.
Critical participants must maintain a second network-provider connection from March 21, 2026.
Annual security assessments classify compliance as full at 100 percent, minor non-compliance at 66 to below 100 percent and major non-compliance below 66 percent.
Corrective measures include €1,000 monthly per affected account, €2,000 monthly per suspended account and an additional €1,000 per account closed.
Access carries continuing obligations
Participants remain responsible for actions taken by designated third parties using their accounts.
Ordinary withdrawal requires 14 working days' notice, while the Bank of Italy normally gives three months.
Contractual amendments are accepted unless participants expressly object within 14 days of notification.