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T2T2S: 2021 or 2022 ? That's the question !

After the announcement by Swift to postpone the ISO20022’s go live for X-Border payments, we highlighted (based on the ECB’s decision to maintain ESMIG and T2-T2S go live for 2021) that this will have an impact on the European banks as they will have to manage this delay by maintaining their capability to receive and send SWIFT Message Type (MT) during the interim period (between November 2021 and the end of 2022) in addition to supporting the ISO 20022 MX messages.

But it seems that this decision by the ECB has not been welcomed well by the European Banks as we learned over the last few days that four European banking associations are calling the ECB to delay as well the T2-T2S consolidation project by one year (here) which may seem logical with the strain of the ISO20022 migration and all the challenges faced by the banks with the Coronavirus crisis.

No confirmation has been issued by the ECB yet, but it looks that the delay is likely (here). One should also think about the impact on the ECMS project, initially planned for 2022. Will we have all the projects going live during the same year 2022 (ISO20022, T2-T2S and ECMS) or will this delay have an impact on ECMS ?

let’s wait and see …

 

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