The European Central Bank has issued a document outlining its vision for the future of high value payment transfers in the European Union.
The document, entitled 'Target2: principles and structure', considers the perimeter, business, service features and interfaces for a next-generation payment system and also addresses governance, financing and pricing issues. Finally, it describes the next steps towards the establishment of Target2.
The paper charts the evolution of the current network of national real-time gross settlement systems to a possible future shared platform with a harmonised service level. The ECB says its aim is to provide a blueprint for a cost-effective system that will be ready to handle future enlargement of the European Union and the Eurosystem of central banks.
The ECB is inviting feedback on its proposals and business input from Target users on required interfaces and communication standards as well as functionality and services.