Skip to main content
Header logo

The global provider
of secure financial messaging services

This content is not available in the selected language

Prepare for big-bang, systemic changes to Europe's payments infrastructures

With major changes coming to Europe’s two major payments market infrastructures, financial institutions that route payments through Europe are facing a series of important milestones:

  • selecting their network service provider for TARGET Services by the end of March 2020
  • planning their transition to the new operating processes
  • migrating messaging standards to ISO 20002
  • creating an effective testing strategy for their payments business

SWIFT has been appointed as a Network Service Provider for access to all Eurosystem services and has passed all of the necessary compliance checks.

We are committed to providing users with a single window for full connectivity to the European Single Market Infrastructure Gateway (ESMIG) and more than 235 market infrastructures worldwide, as well as to cross-border SWIFT gpi payments.

We have also developed a suite of tools and services to make your TARGET consolidation and EURO1 projects a success. Our industry experts are available to advise and guide you with impact assessments, training, project management, and technical and standards-related expertise.

ESMIG
2 min view

European payments market infrastructure - what is changing?

Paper: A Brave New World - Be ready for Europe's new payments architecture

TARGET consolidation

As part of its Vision 2020 strategy, the Eurosystem is modernising and consolidating its market infrastructures. TARGET2 and T2S will be consolidated, and TARGET2 will be replaced with a new real-time gross settlement (RTGS) and Central Liquidity Management (CLM) system using ISO 20022.

EURO1

The EURO1 high value payment system will also migrate to ISO 20022 in the same timeframe as TARGET2.

ISO 20022 cross-border

The migration to ISO 20022 for cross-border payments and cash reporting messages is set to start in November 2021. The migration will change the way banks exchange cross-border payment instructions and reports.

Why choose SWIFT for your European MI projects?

Single window

Reuse established technology footprint in IT back-office and operations front-office Reuse messaging protocols for market infrastructures in Europe and worldwide Multiple levels of resiliency for Application to Application (A2A) and User to Application (U2A) Strong track record of operational excellence

ISO 20022

SWIFT is the registration authority for ISO 20022 The migration is orchestrated by the SWIFT community SWIFT maintains standards in regional and global working groups

End-to-end

Keep an end-to-end view on payment transactions across market infrastructures and correspondent banking Track payment transit times and fees via the gpi tracker Use SWIFT’s value added services (validation, translation, integration and testing) to support your projects end-to-end

Bank governed

SWIFT is a cooperative, owned and governed by its customers Member groups, user groups and industry working groups as part of governance Industry platform Committed to delivering common solutions to common challenges

Loading...