Deutsche Bundesbank eases banks into ISO 20022
The central bank will use the platform to ensure a smooth transition for community members.
Deutsche Bundesbank is a member of the four central bank service providers for the Target services.
The Readiness Portal will enable all banks and market participants in the Eurozone to access documentation and test their payments messages related to the Target2 real-time gross settlement system, in preparation for the T2/T2S consolidation project in 2021.
The project is part of the European Central Bank Vision 2020 initiative, which will see the Target2, T2S, TIPS (real-time payments system) and collateral management services move to a new common infrastructure, with a central communication access point (the Eurosystem Single Market Infrastructure Gateway – ESMIG).
According to Swift, the new platform will enable operational efficiencies and savings through common components and will provide users with a flexible, highly automated service based on ISO 20022 messaging.
The collaborative web platform is an online repository and allows customers to publish and maintain usage guidelines for market participants.