Documentation & FAQs
In July 2020, the Governing Council decided to extend the project phase of TARGET2/T2S consolidation by 12 months. Go-live is thus scheduled for November 2022. Please note that the documents listed here still refer to the old project timeline with a start date set for November 2021. |
Functional project documentation |
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The Business Description Document gives participants a condensed overview of the TARGET2/T2S consolidation and the changes associated with the new T2 service and the common components. Basic configuration options and functionalities are described from different viewpoints – such as from a treasury or ancillary system perspective, for example.
The Business Description Document is designed to give participants and interested readers a sound introduction to the topic. It provides the foundation for a deeper understanding of the subject matter through detailed functional documents such as the User Detailed Functional Specifications.
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The user requirements form the basis for the new central liquidity management (CLM), the future range of services in RTGS and the design of the common components.
The user requirements were formulated in close cooperation with the market as part of the former Task Force on future RTGS Services.
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The User Detailed Functional Specifications form the core of the application-to-application (A2A) connection to the central liquidity management (CLM) settlement service, RTGS and the common components. As well as a detailed description of the future functionalities, these documents contain all the information that participants need to adapt their applications to successfully connect with CLM, RTGS and the common components. In particular, it provides detailed information on the ISO 20022 messages used in CLM, RTGS and the common components.
The User Detailed Functional Specifications contain links to the relevant usage guideline in MyStandards for all the messages described. For greater clarity, the Eurosystem has also compiled the links to all messages used in CLM, RTGS and the common components in one document.
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The GUI descriptions were replaced by the User Handbooks (UHB) for CLM and RTGS; version 1.0 is available since December 2020.
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The user handbooks are intended to support the use of future graphical user interfaces (GUI) in T2 (i.e. CLM and RTGS) and common components. They contain detailed information on all GUI screens and step-by-step instructions on typical workflows.
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The Eurosystem provides so-called "explainers" with the intention of explaining various issues across UDFS in more detail. In general, explainers are based on increased customer enquiries on these topics, which have revealed an additional need for a comprehensive and condensed presentation of these specific issues.
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Change requests to URD, UDFS, User Handbooks and other functional or technical documents are managed in the Eurosystem via a formalised change request process. Change requests in the context of the consolidation project can be found under the link below in the "Change requests" section under "Technical/functional documents".
FAQs |
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The launch of the new T2 service and the use of common components across all TARGET services will involve major changes to the current TARGET2 system – from the network-agnostic connection and the introduction of ISO 20022 messages to separate settlement for monetary policy operations and high-value payments, as well as the completely new account structure this will entail.
Of course, major changes such as these raise a number of issues. The Bundesbank has created an FAQ document containing the German user community’s most frequently asked questions. The document will be updated regularly and new questions will be added.
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Documents on ESMIG connection |
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The Eurosystem is applying a network-agnostic approach for communication with TARGET Services. The two network service providers SIA-Colt and SWIFT were chosen to offer connectivity to the TARGET Services as the result of an official tender procedure. The concession contracts concluded between the network service providers and the Eurosystem form the basis for the contracts between the participants and the network service provider(s). All participants with a direct connection to T2 are required to conclude a contract of this kind with at least one of the two network service providers licensed by the Eurosystem.
The concession contracts concluded between the network service providers and the Eurosystem can be viewed here. They also include the maximum prices that network service providers may charge their customers for connecting to the TARGET Services – T2, T2S, TIPS and ECMS.
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The Eurosystem Single Market Infrastructure Gateway, or ESMIG for short, is the central access point for the TARGET Services T2 (i.e. CLM and RTGS), T2S, TIPS and ECMS. Connectivity to TARGET Services through ESMIG is provided by a network service provider. The two network service providers SIA-Colt and SWIFT were chosen to offer connectivity to the TARGET Services as the result of an official tender procedure. The concession contracts concluded between the network service providers and the Eurosystem form the basis for the contracts between the participants and the network service provider(s). All participants with a direct connection to T2 are required to conclude a contract of this kind with at least one of the two network service providers licensed by the Eurosystem.
The Eurosystem has compiled a list of market participants’ most frequently asked questions regarding the rights and obligations of the network service providers under the concession contracts and continually updates it.
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Documents on SWIFT MyStandards |
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Application-side communication with TARGET Services in application-to-application mode is carried out via ISO 20022-compliant messages. While the basic features of the messages are described in the respective User Detailed Functional Specifications (UDFS), the specific usage guidelines can be found in the online portal “MyStandards”, which is supported by SWIFT. To access the messages stored there, users have to complete a one-off registration process.
The document “MyStandards Introduction” describes the step-by-step process for registering for “MyStandards” and accessing the ISO 20022 messages relevant for T2.
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The SWIFT MyStandards Readiness Portal allows institutions to test the messages they have developed for the TARGET2/T2S consolidation project, thereby checking the compatibility of their messages with the message formats described in the UDFS and stored in MyStandards.
The SWIFT MyStandards Readiness Portal is available to all participants – regardless of the network service provider through which they will connect to the future platform.
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Further documents |
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Other settlement systems, such as those for retail payments and high-value payments as well as securities and foreign exchange settlement, are currently also connected to TARGET2 via the ancillary system interface. Six standardised settlement procedures, known as ancillary system interface (ASI) procedures, are used to settle the transactions from these ancillary systems via the accounts of the participants in TARGET2, and thus in central bank money. The concept of settlement on T2 accounts will also be maintained in the wake of the TARGET2/T2S consolidation. In total, the RTGS settlement service offers five dedicated settlement procedures – A to E – which are tailored to the specific needs of the individual ancillary systems. Unlike the current situation for TARGET2, looking ahead, all five settlement procedures will be available for the settlement of ancillary system transactions from 19:30 onwards. The following document provides an overview of the planned use of the settlement procedures and the envisaged settlement times of the individual ancillary systems.
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The T2 Glossary explains the main abbreviations and terms used in the T2 context. It serves as a useful tool to help you study the functional project documentation and quickly look up the terms used in the TARGET2/T2S consolidation project.
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