ECB has published a consultative report by the Eurosystem on the future provision of real-time gross settlement (RTGS) services. It focuses on exploring synergies between TARGET2 (the trans-European automated RTGS express transfer system) and TARGET2-Securities (T2S) and the benefits to be reaped from this element of the Eurosystem’s vision, namely:
- the technical consolidation of the two platforms bringing about various synergies and potentially decreasing the Eurosystem running costs;
- allowing TARGET2 to benefit from the state-of-the-art approaches/technologies offered by T2S, such as:
- the multi-currency capability of T2S;
- the possibility of accessing the platform via different network service providers; and
- the extensive and systematic usage of ISO20022 standards; and
- providing the opportunity to consider the development of new services for market participants or to adapt existing ones to the changing needs of the large-value payments business.
Consultation closes on 4 April. (Source: ECB consults on RTGS services future)