Preparing for European payments market infrastructure change
With major changes to Europe’s payments market infrastructures now time-tabled, financial institutions are facing significant strategic and operational impact on their payment businesses.
Both the Eurosystem and EBA CLEARING are modernising their infrastructure and migrating their TARGET2 and EURO1 high value payments services to the ISO 20022 standard. Timed to coincide with these migrations, SWIFT has also announced that it will start migrating cross-border payments to ISO 20022 starting in November 2021.
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.
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?
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
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
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
SWIFT is a cooperative, owned and governed by its customers
Member groups, user groups and industry working groups as part of governance
Committed to delivering common solutions to common challenges