Standards support and tools for T2S
The T2S project was launched on 17 July 2008 by the ECB and four Central Banks (4CB): Banco de España, Banque de France, Banca d'Italia and Deutsche Bundesbank.
SWIFT Standards has been involved in all phases of the T2S project from the beginning, helping to perform the gap analysis between the agreed user requirements and the existing ISO 20022 standards messages, and to develop the required set of messages to fill the identified gaps.
Development of the messages used by T2S
Messages used in T2S can be split into three categories, commonly known as the three pillars:
- Pillar I messages are existing SWIFT or ISO 20022 standard messages. Maintenance requests for these messages may be submitted to the ISO 20022 registration body to adapt them for use by T2S. The 4CB have been working together with SWIFT Standards as the ISO registration authority to prepare the maintenance requests.
- Pillar II messages will be used more widely than T2S and have been developed by SWIFT Standards. Development of these messages has been driven mainly by the 4CB and T2S requirements.
- Pillar III messages are T2S-specific and have been developed mainly by the 4CB with SWIFT Standards providing technical and consultancy support.
All these messages have been used as the basis for the development of the User Detailed Functional Specification (UDFS) document, which provides a detailed description of the entire set of ISO messages, customised to the specific needs of T2S, available to T2S actors.
Rollout of T2S content on MyStandards
With the support of SWIFT Standards, the 4CB have published all the T2S specifications on MyStandards, SWIFT’s collaborative web-based platform, to enable consistent publication of standards, and easier deployment, maintenance and integration throughout the financial industry.
The 4CB are using MyStandards to centralise all T2S standards-related information in a clear and precise manner, and share this information in .pdf, .xls, XML schema and on-screen forms with the authorised T2S stakeholders and interested participants.
Request access to the T2S specifications on MyStandards.
MyStandards Readiness Portal for T2S
In order to facilitate preparation for T2S, SWIFT developed the MyStandards Readiness Portal. The MyStandards Readiness Portal for T2S is a solution for Directly Connected Actors that simplifies application testing and enables T2S Readiness. This web application provides a user-friendly validation service that is integrated with the T2S documentation, monitoring tools and pre-configured scenarios for simulation.
Read more on MyStandards Readiness Portal for T2S.
Upcoming ISO 20022 registration will follow standard procedures
The ISO 20022 Registration Authority, which is operated by SWIFT, ensures that messages are developed in accordance with ISO 20022 rules. These rules guarantee that messages are not limited for use with a particular network or service provider.
Effective registration of the messages will only take place once the T2S testing phase has been completed. SWIFT Standards will provide continued support for the maintenance of the messages used for T2S until the completion of all message adjustments, and guide the 4CB through the ISO 20022 registration process.