Factbox: How do bank payments work in the euro zone?

Cyber attacks on banks in Bangladesh and Vietnam are raising questions about the security of the global payment system and one of its key components, the SWIFT messaging network. Following is a basic explanation of how bank payments work in the euro zone: WHAT HAPPENS WHEN I MAKE A PAYMENT VIA A EURO ZONE BANK? Most bank payments in the euro zone are settled via the Target 2 payment system, owned and managed by the European Central bank and the national central banks (NCB) of euro zone countries.

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