These digital images will be transmitted electronically by the presenting bank to the paying bank through the Clearing House. There will be no change for the consumer. It is in the internal plumbing of the system, in the invisible parts, that the change will happen. Clearing will be done from an IT-enabled platform; powerful servers linking all the banks will take over the process.
OMTs also differ significantly from government bond purchases made by the EFSF or the ESM, which provide financial support to stressed countries. The EFSF and the ESM render – under strict conditions – financial assistance in order to preserve financial stability and they can improve the financing conditions of the affected countries.