The institutions: • submitted payments to the Electronic Counter, settled payments through Electronic Access in Frankfurt, • executed payments via TARGET to Belgium, France, Italy and the United Kingdom and received payments from those countries, • instructed their correspondents in Australia, Belgium, Brazil, Canada, France, Italy, Japan, Singapore, the United Kingdom and the United States to execute payments in those countries, • received payment instructions from those countries and • booked the incoming payments in their own accounts, or passed on the amounts as domestic follow-up payments via EAF and ELS to the beneficiary credit institutions.
The credit institutions participating in the test are to be regarded as the main players in payments in Germany. They cover around 70% of the market (in EAF, as much as 90%) in national large-value payments, and a good 80% of the market in cross-border payments.