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ISO 20022-Migration

The Eurosystem, as the provider of the TARGET2 platform, decided in consultation with the user community to replace the SWIFTNet-FIN-messages (so called MTs) currently used for payments in TARGET2 with so called MX messages in future. These messages in XML format are similar to those currently used in SEPA and in TARGET2-Securities (T2S). The SWIFT network will continue to be used exclusively to exchange messages with the TARGET2 single shard platform.

This strategic decision was taken with a view to migrating the TARGET2 single shared platform to a future-proof technology.

In March 2015, the Central Banks had informed the TARGET2 participants about their intention to adopt a con-verter-based approach for migrating TARGET2 to ISO20022 standards. The converter-based approach was seen as a short-term solution to bridge the time gap until the completion of a strategic review, which the Eurosystem was about to launch on the future of its market infrastructures.

This announcement raised concerns on the side of some banking communities, which called for postponing the migration of TARGET2 to ISO20022 until the main findings of this review are known.

In August 2015 the Central Banks consulted again all communities, seeking more specifically their views on the impacts that such a postponement may have. Owing to the clear feedback received from the TARGET2 users’ community, the Eurosystem accepts reconsidering its plans to migrate TARGET2 to ISO20022 by November 2017. The migration TARGET2 to ISO20022 will instead be reassessed in the context of the strategic review.

Below you find the current communication of the Eurosystem with regard to ISO 20022 as well as the outcome of former user consultations and the so called "General Functional Specification" (GFS) in the version 1.2. This document contains the technical information.