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France (FR) · Module Detail

France: Correspondent Banking, Settlement & Access

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Non-bank PSPs (PIs/EMIs) gained direct TARGET/TIPS access from 6 Oct 2025 (Guideline ECB/2025/28); settlement-only accounts (not safeguarding), holding limit ~2x peak 12-month daily outflow, no Eurosystem credit; indirect participants transition by 31 Dec 2025; PSR Art. 32 proposed to counter de-risking.

Open gap — wpm-int-8No correspondent-banking/settlement-access development for France was located this cycle.no under-indexing note recorded
Horizon · 2026 (± a year)PSR Article 32 counter-de-risking measures for non-bank PSP account accessConsultation · Tier 1 source
Standing sub-brief · as of 26 June 2026239 words · last cycle 2026-06-23

Correspondent Banking, Settlement & Access

The analytical spine of this module is the bank versus non-bank access asymmetry, and this cycle delivers the most material structural change to it. Following the IPR amending the Settlement Finality Directive, the Eurosystem policy approved 17 July 2024 grants non-bank PSPs (PIs and EMIs) direct access to TARGET — T2 for settling payments and TIPS for instant payments — from 6 October 2025 under Guideline ECB/2025/28, under the same requirements as credit institutions. The accounts are settlement-only (they cannot safeguard users' funds), subject to a holding limit typically around twice the highest daily outgoing-transfer value over the past twelve months, and not eligible for Eurosystem credit; indirect participants are to transition by 31 December 2025. This is a landmark change: French PIs and EMIs can now settle directly in central bank money without a sponsoring bank, reducing dependence on correspondent access.

no periodic updates on record for this sub-brief

Sources and findings (4)
  1. T1https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews20240719.en.htmlretrieved
  2. T3https://inventi.io/news/non-bank-psps-gain-direct-access-to-target2-services/retrieved
  3. T1https://www.banque-france.fr/en/financial-stability/institutional-framework/systems-operated-banque-de-franceretrieved
  4. T1https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/tips/shared/pdf/Eurosys_pol_on_access_to_central_bank_operated_payment_systems_by_NBPSPs.pdfretrieved