Payments and settlement structures to get a makeover with the T2/T2S consolidation project. But are the banks ready yet?
In 2020 another seismic upheaval looms on the horizon for the European financial community. This time the main players are the European central and national banks. Vision 2020, as the Eurosystem’s T2/T2S Consolidation project is known, sees the technical consolidation of TARGET2 and TARGET2-Securities and the harmonisation and integration of European cash and securities settlement services.
The Consolidation project is a logical step in the evolution towards an evermore integrated financial market infrastructure in Europe and has as its main objectives increased efficiencies, optimised technologies, tightened security and improved usability. The project also foresees the development of new services that will allow it to keep pace with the changing needs of the payments community. In short: a new consolidated payments infrastructure that fits today’s needs.
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