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Annual Report 2017 ANNUAL REPORT 2017 Practitioners Creating Pan-European Payment Infrastructures Estación de Atocha Cover L’aéroport de Roissy- Madrid Atocha railway Charles-de-Gaulle station is the largest railway station in Madrid with Paris Charles de Gaulle 16 million passengers per year. Airport is the second largest international airport in Europe, handling close to 70 million passengers and almost 500,000 aircraft movements in 2017. Haven van Rotterdam Port of Rotterdam is the largest port in Europe. In 2012, Rotterdam was the world’s sixth-largest port in terms of annual cargo tonnage. The port covers 105 square kilometres and stretches over a distance of 40 kilometres. Channel Tunnel / Le tunnel sous la Manche The Channel Tunnel is a 50.45-kilometre rail tunnel linking Folkestone, Kent, in the United Kingdom, with Coquelles, Pas-de-Calais, near Calais in northern France. At its lowest point, it is 75 m deep below the sea bed and 115 m below sea level. It is hard to imagine what our lives would look like without the infrastructure systems that enable and support our daily activities. They supply water, power and heat; they provide access to goods, knowledge and money; they help us embark on physical and spiritual journeys. Like other infrastructures, EBA CLEARING’s payment systems require careful planning and smooth operations to optimally serve their users on a daily basis. This involves close monitoring as well as regular maintenance, enhancement and, where needed, renewal. What is different about other infrastructures though is that some of them make for great pictures… Piazza Gae Aulenti Piazza Gae Aulenti is the epi- centre of Milan’s most modern neighbourhood. The square was inaugurated in 2012 and is dedicated to the architect Gae Aulenti. The pavilion that hosted the EBA CLEARING SHM in 2016 is at the heart of the square and next to the highest skyscraper in Italy. Via Appia The Appian Way was one of the earliest and strategically most important Roman roads of the ancient republic. It connected Rome to Brindisi, in southeast Italy. Many parts of the original road beyond Rome’s environs have been preserved, and some are now used by cars. 8 The Company’s Mission and Strategic Aims 10 Chairman’s Statement 14 CEO’s Statement 19 85 Company’s Activities Appendices in 2017 and 86 Appendix 1: Outlook for 2018 List of EBA CLEARING Shareholders 20 Our Services 20 Introduction 87 Appendix 2: 22 EURO1 List of Participants 28 STEP1 in EURO1/STEP1 30 STEP2 34 RT1 91 Appendix 3: 40 STEP2 Card Clearing List of Direct Participants 44 SEDA in STEP2-T 46 Operations 96 Appendix 4: 50 Legal, Regulatory and Compliance List of Direct Participants 55 Risk Management in RT1 57 Internal Audit 96 Appendix 5: 58 Corporate Governance List of Direct Participants 72 Oversight of EBA CLEARING in STEP2 CC 75 EBA CLEARING’s Subsidiary PRETA 97 Appendix 6: Annual Accounts for 2017 76 Financial Situation: Statutory Accounts EBA CLEARING Annual Report 2017 8 104 Mission and Strategic Aims and StrategicAims Mission The Company’s E xcellence U ser-driven R obustness O penness to stakeholders’ needs P an-European A gility Our mission Our objectives EBA CLEARING’s mission is to deliver market EBA CLEARING aims to allow cost optimisa- infrastructure solutions for the pan-European tion for its users, and is not seeking profit or payments industry, to support its users’ needs shareholder value maximisation. In pursuing in line with user requirements. its mission, EBA CLEARING is guided by the objective to offer its users solutions that are fit The strategic aims of the Company are to for purpose and efficient, with a special focus ensure a pan-European and country-neutral on safety and ensuring compliance with approach for the development and delivery of regulatory and oversight requirements. EBA infrastructure solutions, thereby ensuring CLEARING recognises its role in supporting excellence and robustness in delivering our financial stability and promoting fair and effi- services. EBA CLEARING will maintain its cient markets; it is committed to discharging track record of timely delivery of user-driven these responsibilities. solutions responding to evolving and new demands for infrastructure solutions, thereby demonstrating its openness to stakeholders’ needs and agility in its role as market infra- structure solutions provider. Annual Report 2017 CLEARING 104 Mission and Strategic Aims EBA 9 Chairman’s Statement 2017 was a pivotal year in European pay- Against this background, EBA CLEARING’s ments. Key industry and regulatory require- focus in 2017 was to remain on its firm course ments were met over the past year and, at the of creating and operating services that are same time, many new requirements were put pan-European by design, with a focus on effi- on the table for payment service providers ciency and effectiveness for the users. In line (PSPs) and financial market infrastructures with this course, the Company continued to (FMIs) to tackle. pursue its unchanged high-level objective to maintain a stable and compliant processing In terms of practical achievements, the indus- environment for the reliable, efficient and cost- try saw the launch of the SEPA Instant Credit effective day-to-day operation of its payment Transfer (SCT Inst) Scheme and the first sys- systems. Supporting the needs of its users is tems and PSPs processing instant payments. a core component of the Company’s mission, Among many other deliveries, 2017 also wit- and I would like to thank our user community nessed palpable progress on collective deliv- across SEPA for their committed and valued erables helping to fulfil Access-to-Account support in defining the user requirements for requirements. evolving existing systems and creating new services. During the same period, on the FMI side, the revised SIPS Regulation, TARGET2/TARGET2- The go-live of the RT1 System on the launch Securities consolidation and the Eurosystem date of the SCT Inst Scheme added another Cyber Resilience Strategy for FMIs – to name milestone to EBA CLEARING’s track record of only a few regulatory or public-sector initia- delivering pan-European payment infrastruc- tives that surfaced over the past year – set out ture in time, on budget and in line with the re- Annual Report 2017 new requirements and roadmaps with long- quirements of PSPs across Europe. The Board term implications on both payment system operators and the users of their services. CLEARING Statement 104 Chairman’s EBA 10 I would like to thank our user community across SEPA for their committed and valued support in defining the user requirements for evolving existing systems and creating new services. Annual Report 2017 CLEARING Statement 104 Chairman’s EBA 11 has paid particular attention to ensuring reach- ability for SCT Inst transactions across SEPA and easing SCT Inst migration efforts for PSPs. Additional service enhancements are under development to further support the evolving needs of a growing number of RT1 users in the face of the ongoing instant pay- ment ramp-up across Europe. For its EURO1 and STEP2 Systems, the Com- pany launched comprehensive user consulta- tions in support of the future positioning of EURO1 2020 and beyond, and the review of the settlement model for the STEP2 system driven by the revised SIPS Regulation. The governance and user 2017 also saw an increased focus on security- related topics, including cyber security. The say arrangements have been Board recognises the prime importance for further reviewed to make payment infrastructures and their users to meet best industry practices in this field, and them future-proof so that the topic of cyber security has become a they can accommodate standing item on the agenda of the Board. foreseeable changes in the In 2013, when I took office as newly elected short to medium term. Chairman, there was an outlook for changes we would be facing and would need to act upon regarding the governance arrangements The objective to achieve of the Company. Following the enhancements a degree of independence implemented in the light of the SIPS Regula- tion, which was adopted in 2014, the govern- between the shareholder ance and user say arrangements have been structure and any of the further reviewed to make them future-proof so that they can accommodate foreseeable Company’s systems or changes in the short to medium term. services in particular saw The objective to achieve a degree of inde- its fulfilment at the Share- pendence between the shareholder structure holders Meeting in 2017. and any of the Company’s systems or services in particular saw its fulfilment at the Share- holders Meeting in 2017, when the Sharehold- ers approved the new framework. Annual Report 2017 CLEARING Statement 104 Chairman’s EBA 12 The Business Committees for EURO1 and witnessed important developments with re- STEP2 have been in place since the start of the gard to oversight and regulatory standards for year. The identical structure for the two sys- FMIs. A number of changes to services were tems serves to better reflect the balance be- introduced while, at the same time, the tween the SIPS operated by EBA CLEARING. grounds were being laid for readying the Com- The flexibility for different approaches for pany’s service portfolio to optimally support other or new services has been maintained users over the years to come. and the Board has paid careful attention to re- spond to the need expressed by the users for Working together on these and the many other an efficient organisation of the different groups tasks in an atmosphere of commitment and and their remit. mutual trust has made this journey a very spe- cial experience, for which I am very grateful.
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