The European Central Bank (ECB) has communicated a change in the timeline for the T2-T2S consolidation project. The launch of the T2-T2S consolidation project, the migration of TARGET2 to ISO 20022 and other related changes will now take place in November 2022.
Further project milestones are expected to be announced in September and banks must choose their Network Service Provider by 31 October 2020.
SWIFT is committed to its role as Network Service Provider and trusted partner in connecting financial institutions to ESMIG and supporting you at every stage of the journey. To date, more than 650 financial institutions (directly connected actors) have selected SWIFT as their partner for their T2-T2S consolidation project.
Customers that have signed up for the SWIFT Test Sparring Partner service will benefit from a longer testing window with SWIFT. Our Test Sparring partner service will be available from end-August 2020, allowing for extensive testing in advance of the official Eurosystem User testing phase. If you would like additional information about this value added service or are looking for some support from our experts (payments, standards, technical), please contact your account manager.
An updated version of SWIFT’s ESMIG Service Description has been validated by Banca d’Italia, the ESMIG operator, and is available here.
For more information about next steps in the process, please visit our support page or contact your SWIFT account manager.