The Central Bank of Malta announced changes to participation rules for the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET), covering instant payment scheme references and compliance evidence for clearing and settlement mechanisms. The amendments will be incorporated into an updated Directive No. 6 and take effect on Nov. 14, 2026. They implement changes introduced by Guideline ECB/2026/11, which the European Central Bank’s Governing Council adopted on May 4, 2026.
References to the TARGET Instant Payment Settlement (TIPS) One-Leg-Out scheme will be replaced with references to the European Payments Council’s One-Leg Out Instant Credit Transfer (OCT Inst) scheme. For clearing and settlement mechanisms, references to the One-Leg Out Instant Credit Transfer Adherence Agreement will be replaced by a requirement to provide evidence of an intention to comply with the relevant European Payments Council scheme requirements.