The
TARGET working group, in conjunction with National Banking Associations, has developed guidelines to seek to ensure smooth functioning of the euro payments market. The aim of the Guidelines is to define a consistent approach across all EU Member States for the classification of euro payments as national or cross-border.
The Guidelines were primarily developed for TARGET2 but their application could be extended to other individual euro payments on an optional basis. The Guidelines are therefore recommended for all euro-denominated payments executed as individual payments between banks in the European Union. The Guidelines apply without prejudice to existing EU and domestic law.
The payments’ classification Guidelines should be implemented by all banks in the European Union by the first business day following the last country migration window, but no later than by the end of 2008
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