The Eurosystem (the European Central Bank and the national Central Banks of the countries that are part of the Eurozone) is currently working on a large project to provide a new integrated platform for T2 (TARGET2) and T2S (TARGET2-Securities) in terms of both technical and functional aspects providing Central Liquidity Management (CLM), designed to ensure efficient provisioning of liquidity.
The new integrated platform will provide a “Eurosystem Single Market Infrastructure Gateway” (ESMIG) allowing access to the market infrastructure of the central banks including T2, T2S and TIPS (TARGET Instant Payment Settlement) through a unique communication interface. The currently used SWIFT FIN messages for payment related messages in T2 will no longer be supported but replaced by XML based ISO20022 messages. In addition, the new platform will support multiple network providers while T2 currently is exclusively connected via SWIFT.
The new consolidated platform will be launched in November 2021 as a “big bang” cutover, which implies a tight timeframe for the participating financial institutions to adopt their financial messaging infrastructure.
With INTERCOPE’s BOX Messaging HUB (BOX) customers are perfectly prepared to cope with those challenges in a timely manner:
- Eurosystem Single Market Infrastructure Gateway Adapter included in BOX
- All Instant Messaging for SCTInst features are included
- Multiple CSM support for TIPS and RT1 (Instant Payment platform of
- Multi Network Support for SWIFT, SIA, EBICS for Instant Payments and T2S
- All T2S features (Signature, Oversize / Timeout) are included in BOX
- MT – MX transformation for the new T2 system is included in BOX
- No additional message exchange with extra cost is required
- Possibility to store non transformable excess data (MX -> MT) in BOX for exception handling
- INTERCOPE has long-term experience in such transformation projects and has been helping its customers to efficiently manage protocol and infrastructure changes for many years