Security requirements during the transition period As co-chair of the European Forum on the Security of Retail Payments (SecuRe Pay), the ECB has contributed in particular to the RTS in respect of strong customer authentication and common and secure open standards of communication, the Guidelines on security measures for operational and security risks of payment services and the Guidelines on major incident reporting.
If the Bank supplies abundant funds to the market, the market interest rate – the uncollateralized overnight call rate – will decline, reducing the funding costs of financial institutions. This will influence other interest rates such as those on loans to households and firms.