Key data
| Regulation | Resolution of May 28, 2026, of the Executive Commission of the Bank of Spain, which modifies the one of July 4, 2022, approving the uniform conditions for participation in TARGET-Bank of Spain |
|---|---|
| Publication | June 8, 2026 |
| Entry into force (phase 1) | June 15, 2026 |
| Entry into force (phase 2 — OCT Inst) | November 14, 2026 |
| Regulation it adapts | ECB Guideline 2026/11 |
| Regulation it modifies | Resolution of July 4, 2022 (uniform conditions TARGET-Bank of Spain) |
| Affected parties | Credit entities, central banks and TARGET participants in Spain |
| Category | Regulatory Changes |
Credit entities and central banks operating in the TARGET payment system in Spain have two dates on the immediate horizon that require internal review. The Executive Commission of the Bank of Spain has approved the Resolution of May 28, 2026, which adapts the uniform conditions for participation in TARGET-Bank of Spain to the new ECB Guideline 2026/11. The changes are not cosmetic: they affect intraday liquidity operations, the commission structure and cross-border payment capabilities.
What does this regulation establish?
The resolution modifies the regulation for participation in TARGET-Bank of Spain approved on July 4, 2022. The changes are organized into three distinct blocks:
| Block | What changes | Application date |
|---|---|---|
| Liquidity automation | Automated liquidity transfers between MCA (Main Cash Account) and DCA TIPS (Dedicated Cash Account in TIPS) accounts are permitted when minimum or maximum limits set by the participant are exceeded | June 15, 2026 |
| DCA RTGS commissions | Commissions applicable to DCA RTGS account holders (Dedicated Cash Account in the real-time gross settlement module) are updated | June 15, 2026 |
| Exclusion for EU restrictive measures | It is expressly clarified that entities subject to EU restrictive measures with effects analogous to insolvency cannot participate in the system | June 15, 2026 |
| OCT Inst payments in TIPS | TIPS can be used for payments under the OCT Inst scheme (One-Leg Out Instant transfers), expanding cross-border payment capabilities. Entities wishing to operate under this framework must prove their adherence to the OCT Inst scheme | November 14, 2026 |
The OCT Inst scheme (One-Leg Out Instant Credit Transfer) allows the execution of instant transfers in which one "leg" of the operation is outside the SEPA area. Its integration into TIPS means that entities will be able to channel this type of payment through the central bank's infrastructure, with the settlement guarantees that this entails.
Economic and operational impact
The changes have direct consequences in two areas:
- Intraday treasury operations: Automating transfers between MCA and DCA TIPS accounts reduces manual intervention in liquidity management. Entities that correctly set their minimum and maximum limits will be able to optimize the use of available cash in the system without the need for continuous manual instructions.
- Cost structure: The update of commissions for DCA RTGS holders requires reviewing the operational cost models associated with participation in TARGET. Although the resolution does not publish a single tariff (commissions are set within the ECB framework), any variation in the tariff structure must be reflected in the operational budgets of the affected entities.
- New revenue potential (OCT Inst): Enabling TIPS for OCT Inst payments from November 14, 2026 opens a new business line in immediate cross-border payments. Entities that adhere to the OCT Inst scheme and prove it to the Bank of Spain will be able to offer this service to their corporate and retail customers.
- Risk of exclusion: The clarification on entities subject to EU restrictive measures with effects analogous to insolvency establishes an explicit eligibility criterion. Entities must verify that they are not subject to any of these measures to maintain their participation in the system.
Who does it affect?
- Credit entities participating in TARGET-Bank of Spain (banks, savings banks, credit cooperatives with direct access to the system).
- Central banks operating in the Spanish component of TARGET.
- DCA RTGS account holders who will see their commissions updated from June 15, 2026.
- MCA and DCA TIPS account holders who want to take advantage of automated liquidity transfers.
- Entities operating or wishing to operate immediate cross-border payments under the OCT Inst scheme from November 14, 2026.
- Entities under EU restrictive measures with effects analogous to insolvency: they are expressly excluded from the system.
Practical example
A Spanish credit entity with active MCA and DCA TIPS accounts in TARGET decides to take advantage of the new liquidity automation functionality. It sets a minimum limit of 50 million euros on its DCA TIPS and a maximum limit of 200 million euros. From June 15, 2026, when the DCA TIPS balance falls below 50 million, the system will automatically execute a transfer from the MCA to restore the level. Similarly, if the balance exceeds 200 million, the excess is automatically transferred to the MCA. The treasury team stops managing these intraday movements manually, reducing operational risk and freeing up resources.
The same entity, if it wishes to offer immediate cross-border transfers to its corporate customers from November 14, 2026, must prove to the Bank of Spain its adherence to the OCT Inst scheme before that date. Without that proof, it will not be able to operate under this new framework in TIPS.
What should entities do now?
- Review the DCA RTGS commission structure before June 15, 2026: compare the new rates with current operational cost models and identify any budget impact.
- Configure liquidity automation limits (minimum and maximum) between MCA and DCA TIPS accounts: coordinate with the treasury team the optimal thresholds to activate automatic transfers from June 15, 2026.
- Verify the entity's regulatory status regarding EU restrictive measures: confirm that there is no measure with effects analogous to insolvency that prevents participation in TARGET.
- Evaluate adherence to the OCT Inst scheme before November 14, 2026: if the entity operates or wants to operate immediate cross-border payments (One-Leg Out), initiate the process of adhering to the scheme and prepare proof to the Bank of Spain.
- Update internal documentation and operational procedures for treasury and payments to reflect the new liquidity parameters and new TIPS capabilities.
Frequently asked questions
When do the TARGET-Bank of Spain changes come into force in 2026?
The changes relating to liquidity automation between MCA and DCA TIPS accounts, the update of commissions for DCA RTGS holders and the exclusion of entities under EU restrictive measures come into force on June 15, 2026. The enabling of TIPS for payments under the OCT Inst scheme (One-Leg Out instant transfers) comes into force on November 14, 2026.
What is the OCT Inst scheme and why does it matter to credit entities?
OCT Inst (One-Leg Out Instant Credit Transfer) is a scheme for instant transfers in which one party to the transaction is outside the SEPA area. From November 14, 2026, entities will be able to channel this type of cross-border payment through TIPS (the instant settlement module of TARGET). To operate under this framework, the entity must prove its adherence to the OCT Inst scheme to the Bank of Spain.
How does liquidity transfer automation between MCA and DCA TIPS work?
The new functionality allows the participant to set minimum and maximum balance limits on their DCA TIPS account. When the balance exceeds the maximum or falls below the minimum set, the system automatically executes a transfer to or from the MCA account, without the need for manual instruction. This optimizes intraday liquidity management and reduces operational risk.
Which entities are excluded from the TARGET system after this resolution?
The resolution expressly clarifies that entities subject to European Union restrictive measures with effects analogous to insolvency cannot participate in the TARGET-Bank of Spain system. Entities must verify that they are not subject to any of these measures to maintain their operational access to the system.
What previous regulation does this resolution modify and what ECB guideline drives it?
This resolution modifies the Resolution of July 4, 2022 approving the uniform conditions for participation in TARGET-Bank of Spain. The change responds to adaptation to the new ECB Guideline 2026/11, which updates the operational framework of the TARGET system at European level.
Official source
Consult complete regulation in official source (BOE-A-2026-12414)
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-12414