Turning T2/T2S Consolidation postponement into an opportunity

As expected, the ECB has given the green light for the T2/T2S Consolidation 1-year postponement upon the request of the main representatives of the industry and as a reaction to the impact of COVID 19 on banking budgets.

The Big Bang migration is now scheduled for November 2022 and the TCCG (Target Consolidation Contact Group) will meet on September 22nd with the objective to issue the revised project roadmap milestones.

Twelve more months give banks the opportunity to reassess some of the choices to be made. Here are just some areas that could benefit from further consideration:

  • Network Service Provider and how to connect to ESMIG
  • Management of ISO 20022 within the payment architecture of the bank. With more time available some of the payment back offices may be upgraded to ISO 20022 to improve quality of service and reduce operational costs linked to maintenance and processing complexity
  • Alignment with Cross Border payment processing, in light of the SWIFT ISO 20022 migration
  • Digitalisation of the liquidity management process
  • Review of payment data governance and use of analytics

This is where we at TAS are ready to offer our contribution. We are already helping many customers in their Target2/T2S consolidation, supporting them in seizing the opportunities deriving from the postponement and are ready to help new customers profit from the Cloud for their NSP and ESMIG connectivity, in digitalizing their liquidity or just in making their payments infrastructures better able to process ISO 20022.

Find out more on our dedicated page or get in touch with our experts

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