TARGET2-DETAIL
TARGET2 detail Eurosystem RTGS T2 migration ISO 20022 2023.
Définition
T2 (new generation TARGET) architecture mars 2023+ : (1) Central Liquidity Management (CLM) : centralized liquidity hub for all Eurosystem services (T2 + T2S TARGET2-Securities + TIPS TARGET Instant Payment Settlement), banks maintain single Main Cash Account MCA + multiple Dedicated Cash Accounts DCAs per service. (2) RTGS service : real-time gross settlement high-value EUR payments, ISO 20022 native pacs.008 + pacs.009 + pacs.002 + admi + camt messages (replaced legacy MT103 + MT202 + MT900 + MT910 SWIFT MT messages). (3) T2S (TARGET2-Securities, separate launched 2015) : pan-European CSD-as-a-service for securities settlement in central bank money. (4) TIPS (TARGET Instant Payment Settlement, launched 2018) : SCT Inst SEPA instant payments settlement infrastructure ~10000+ PSPs reachable. (5) ECMS (Eurosystem Collateral Management System, launched 2025) : harmonized collateral management Eurosystem. Direct Participants : ~1000 banks Eurozone + non-EUR participating banks 2024. Indirect Participants ~5000+ smaller banks via direct correspondents. Operating hours 02:30 - 18:00 CET business days. Cost : ECB fee schedule (Pricing Guide TARGET Services) tiered + volume discounts. T2 migration challenges 2023 : massive industry-wide migration ISO 20022 simultaneously SWIFT CBPR+ (cross-border) + T2 (Eurosystem) + Fedwire Fedwire ISO 20022 migration USA March 2025 (postponed multiple times).
Origine
TARGET (1999) ; TARGET2 (novembre 2007 consolidated national RTGS) ; T2-T2S consolidation launched mars 2023 ; ECMS launched 2025.
Exemple en contexte
European bank EUR 50M interbank loan settlement : Deutsche Bank sends pacs.009 ISO 20022 EUR 50M to BNP Paribas via T2 RTGS service, Deutsche Bank MCA at Bundesbank debited + BNP Paribas MCA at Banque de France credited real-time via ECB T2 central liquidity, pacs.002 status confirmation returned ~seconds, irrevocable settlement, both banks reconcile via camt.054 BankToCustomerDebitCreditNotification.
Termes liés
- TARGET2 — predecessor.
- EBA CLEARING STEP2 — alternative.