STEP2, operated by the Euro Banking Association, is a major pan-European clearing system for retail payments which has the potential to become a SIPS.
Clearly, this does not prevent the effects of a bank failure from spreading; however, it closes off one route.
In 2003 the European Central Bank (ECB) further elaborated on how the principles should be applied in Euro retail payment systems.
[2] Subsequently, in response to perceived increased risks of terrorist attacks, the ECB in 2006 published detailed oversight expectations for business continuity planning, greatly expanding on core principle number 7.
This is particularly relevant to countries such as Britain, Ireland, France, and US and should be regarded as the 11th commandment of payments.