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Successful migration to T2, the new system for interbank clearing and settlement in the eurozone

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Over the weekend of 18 and 19 March, the Eurosystem brought T2 into operation. The system manages, among other things, the clearing and settlement of payments between banks in the eurozone. All banks and transaction processors in the eurozone had to switch their own payment systems to the new T2 system in a single, short, large-scale migration. During the migration, the Eurosystem and all banks also adopted the ISO 20022 messaging standard for exchanging transaction data with one another.

Glass headquarters of the European Central Bank with large ECB logo in foreground against blue sky.

The migration was completed without significant disruption. On Monday 20 March, T2 processed its normal daily volume of around 400,000 transactions. All Dutch banks and transaction processors also switched successfully, following preparations and testing that began more than 18 months earlier, with support from De Nederlandsche Bank (DNB) and the Dutch Payments Association.

T2 is a Eurosystem platform for so-called real-time gross settlement: the large-scale, immediate processing and settlement of payments between banks. Banks that exchange customers’ euro payments must be connected to T2 in order to settle the claims and liabilities accumulated between them several times a day, using euro accounts held by those banks with the Eurosystem’s central banks.

Read the European Central Bank’s press release on the T2 migration…

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