Participant information

In early December 2022, due to the postponement of the TARGET2/T2S consolidation, it was decided by the Governing Council of the EZB to postpone the planned start of operations to April 8, 2024. Please note that some of the documents listed below still refer to the old project planning with the start date of November 2023. 

Virtual specialised training sessions on ECMS in 2023

In 2023, we will offer thematic training sessions on specific ECMS application aspects. We will provide you with further information on these training sessions in a timely manner.

Virtual basic training sessions on ECMS in November/December 2022

During the basic training sessions in November/December 2022, we informed you about the essential ECMS functionalities and most important ECMS documents, among other things. The presentation for the basic training sessions can be downloaded at the bottom of the page.

Virtual information events on ECMS in March 2022

As part of the information events in March 2022 we informed, amongst others, about the available connectivity and access options, the various functionalities as well as the planned testing and migration activities.

The presentation for the events can be downloaded at the bottom of the page.

Virtual information events on ECMS in November 2020

As part of the information events we provided information about the functional and technical changes that will specifically result from ECMS for our business partners. How do you have to prepare? How is the project going? We addressed these and other questions during the events.

The presentation for the events can be downloaded at the bottom of the page.

Interdependencies between TARGET2/T2S consolidation and ECMS

Changes in payments have an impact on monetary policy operations

In March 2023, the TARGET2/T2S consolidation project will be completed and T2 - as the successor to the current TARGET2 - will go-live. This will affect all institutions that currently maintain accounts on the single shared TARGET2 platform at the Bundesbank or would like to use them in T2 in the future. One major change is the introduction of new accounts: the MCA (Main Cash Account) will replace today's HAM accounts (Home Accounting Module accounts) and will also take over some functionalities of today's PM accounts (Payments Module accounts).  
The MCA will then be used, for example, for the settlement of monetary policy operations and the provision of intraday credit. For monetary policy counterparties, interest and redemption payments from securities in the safe custody account will be credited on their MCA.

If your institution is also a monetary policy counterparty, it will use the ECMS from  April 8, 2024 for the management of eligible assets. ECMS interacts with the T2 system to ensure the settlement of payments related to monetary policy operations, corporate actions of deposited collateral and fees, as well as for updating the credit line. It also communicates with TARGET2-Securities (T2S) for the purposes of securities settlement and auto-collateralisation. Furthermore, the ECMS uses the common support functionalities of all TARGET services (common components).

Both projects are directly related and require good coordination within your institution – especially between the payment experts who are supporting the TARGET2/T2S consolidation project and the experts in collateral management, i.e. our contacts in the monetary policy divisions and those responsible for the Eurosystem Collateral Management System (ECMS) project.