Instruction No. 12/2025

Instruction No. 12/2025
BO No. 9/2025 2nd Supplement • 2025/09/30
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Topics
Payment Systems :: Large Value Payment System
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Amending Instruction No. 16/2022
Following the publication of European Central Bank (ECB) Guideline (EU) 2025/1889 of 31 July 2025 (ECB/2025/28), which amends Guideline (EU) 2022/912 on a new generation pan-European automated real-time gross settlement trans-European payment system (TARGET) (ECB Guideline 2022/8), it is necessary to amend Instruction No. 16/2022 of 17 October 2022, which implements ECB Guideline 2022/8 in the domestic legal order. This amendment aims, fundamentally, to allow access by non-bank payment service providers to payment systems operated by a Eurosystem central bank and to central bank accounts, following the European Central Bank Decision (EU) 2025/222 of 27 January 2025 (ECB/2025/2); to introduce the technical payment functionality “one leg out” (TIPS OLO) in the TARGET instant payment settlement system (TIPS); and to allow central counterparties (CCPs) access to the credit facility in TARGET, granted by national central banks without the need for approval by the Governing Council of the European Central Bank. Thus, in the exercise of the competence attributed to it by Article 14 of its Organic Law, which confers powers to regulate, supervise and promote the proper functioning of payment systems, notably within the framework of its participation in the European System of Central Banks (ESCB), and with a view to regulating the functioning of the national component of TARGET – TARGET-PT – the Bank of Portugal determines the following: