When supplemented by the protocols of the TCP/IP family (Transmission Control Protocol/Internet Protocol), they will play a “translator” role between the business applications under the different IT conditions of the various central banks in the future communications network of the ESCB. Thus, we already have an excellent set of instruments and suitable means of achieving standardisation.
So what is still missing in practice in cross-border payments in Europe? What else can and should be done? There have been complaints about the time required to execute payments and about the transparency of procedures used in retail payment systems. Implementing the transparency directive of the EU Commission will possibly help here.