New European payment effort delayed due to Covid
Consolidation of Target2 and T2S platforms hindered by pandemic
Work to consolidate two of Europe’s largest payment networks is likely to be delayed by a year following a request from the Market Infrastructure Board.
According to a statement from the European Central Bank, the board has requested the go-live date for the T2-T2S consolidation project be pushed back to November 2022.
Target2 is the region’s real-time gross settlement system, charged with settling payments between banks that have accounts with the central bank. Target2-Securities is the
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