Since August 2014 ECB Regulation provides oversight requirements for systemically important payment systems (SIPS) covering legal, functional, security, reliability, and contingency arrangements.
The European Central Bank (ECB) has to date declared several pan-European Payment Systems as Systemically Important (SIPS) including T2S operated by the Eurosystem and STEP2 operated by EBA CLEARING.
To minimize risks, financial institutions connecting to SIPS need to mitigate against single points of failure in their infrastructure. This includes network connectivity. BOX provides multi network capabilities, so is ideal for mitigating such network connectivity risk.
BOX can simultaneously connect to multiple networks and so guarantees continuous operation even in case of complete network outage.