ECB prepares for Target2

ECB prepares for Target2

The European Central Bank is experiencing heavy footfall at its Sibos stand this year as the Eurosystem prepares the banking community for the switchover to a new EU-wide real-time gross settlement (RTGS) system, Target2.

In a special interest session in Copenhagen's Bella Center, hosted by the ECB's Jean-Michel Godeffroy, banks repeatedly called for more detail on the pricing and timetable for conversion to the new service - which entails a switch from the current decentralised system to a new single technical platform. But with project teams still finalising the technical details, Godeffroy could only confirm that the go-live date for the first migration window will be sometime "during the second half of 2007".


Eurosystem stand at Sibos

Bankers were encouraged to visit the Eurosystem stand (C241), where they can view a new demo version of the Information and Control Module (ICM) of Target2, and get supporting information on their interface requirements.

Target2 messaging will utilise SwiftNet services, including SwiftNet FIN, FIN Copy, SwiftNet Browse, and SwiftNet InterAct and FileAct.

Joëlle Lockman, Swift business manager, Target2, says the interface configuration for the User-to-Application can be simple and the investment very small for banks using the SwiftAlliance Webstation or Starter Set.

"However, larger banks will opt for the SwiftAlliance Gateway Single Window which supports application-to-application access to Target2," he says. "These banks will be able to re-use their infrastructure to access other market infrastructures and SwiftSolutions."

Swift is also hosting dedicated Target2 information sessions on Wednesday 7 September 14.00 - 15.00, and Thursday 8 September 12.00 - 13.00, room BV3.

Post-Sibos Swift training sessions - offering different modules on the technical implications of Target2 - will be available as from October 2005.

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