Due to concerns raised by the European banking industry, the Governing Council of the ECB decided in July 2020 to extend the duration of the TARGET2/T2S consolidation project by 12 months. This initiative to strengthen the payments market infrastructure within the framework of the TARGET services now has its go-live date of 22 November 2022. The impact analysis and re-planning of the bodies of the ECB and the participating national banks were completed in Q3 2020 and made available to market participants.
The background to this decision is the COVID-19 pandemic, which affects almost all sectors of the economy and also market participants in the financial industry. Additionally, there is a delay in the global SWIFT migration of payment traffic formats in correspondent banking.
Resumption of Community Readiness Monitoring
In December, the Deutsche Bundesbank invited market participants to virtual workshops on the topic of “TARGET2/T2S consolidation – a joint look ahead”.
The aim was to elaborate on the impact and the way forward for the community and to explain the necessary measures and activities regarding the revised milestone plan.
The Deutsche Bundesbank will resume community readiness monitoring in a modified form as early as the first quarter of 2021. This will be based on the 26 “Project Key Milestones” formulated by the Eurosystem in close consultation with the market. In addition to the milestones already fulfilled, the focus will also be placed more clearly on the expectations in the ongoing programme.
Our framework supports the fulfilment of ECB requirements
We support you through the use of the Programme Governance Framework from planning to readiness reporting of the individual milestones. The use of the framework gives you the certainty of meeting the ECB’s requirements in terms of both technical and methodological aspects in accordance with milestone planning.
Additionally, we offer many years of experience with QA measures in IT and software development projects in the financial services sector. Concerning the requirements resulting from the T2/T2S consolidation, numerous directly usable test assets such as directly usable test concepts and test case libraries are available. Here, reuse ensures compliance with the ambitious milestone planning.
Are you curious? Find more information here. If you have any questions or need support for the successful implementation of the T2/T2S consolidation programme, please contact us – gladly via BFSBusinessServices@expleogroup.com.
We look forward to seeing you – Olaf Bartelt, Head of Practice Banking & Financial Service