Successful launch of new T2 payment infrastructure
The Eurosystem’s new payment infrastructure, the T2 payment system, went live on 20 March 2023. This has replaced TARGET2 as the new real-time gross settlement system for settling payments related to the Eurosystem’s monetary policy operations, and bank-to-bank and commercial transactions. TARGET2 processed payments worth EUR 2.2 trillion per day on average. On its first day of operations the T2 system settled around 400,000 transactions.
The decision to set up new infrastructure to put in place more advanced processes to ensure business continuity and to improve cost efficiency while offering a higher level of cyber security was taken by the Eurosystem in late 2017. TARGET2 had been operating since 2007, and was in urgent need of an update in light of the rapid evolution of technology.
As one of the central banks in the Eurosystem, Banka Slovenije is involved in decisions on the direction of development of pan-European Union payment infrastructures, namely the T2 (previously TARGET2) payment system, the TARGET2-Securities securities settlement platform, and the TIPS instant payments infrastructure. In the project, which began in late 2017, Banka Slovenije steered the activities to help Slovenian participants adapt to the new payment infrastructure, and provided all necessary support. As a result all the Slovenian participants were successful in migrating to the new payment infrastructure co-operated by Banka Slovenije (which operates the local component, TARGET-Slovenija).
More on the establishment of the new payment infrastructure can be found on the ECB website.