{"id":918,"date":"2023-03-21T12:14:00","date_gmt":"2023-03-21T11:14:00","guid":{"rendered":"https:\/\/www.betaalvereniging.nl\/en\/?p=918"},"modified":"2026-08-06T16:11:37","modified_gmt":"2026-08-06T14:11:37","slug":"successful-migration-t2-new-interbank-clearing-settlement-system-eurozone","status":"publish","type":"post","link":"https:\/\/www.betaalvereniging.nl\/en\/news\/successful-migration-t2-new-interbank-clearing-settlement-system-eurozone\/","title":{"rendered":"Successful migration to T2, the new system for interbank clearing and settlement in the eurozone"},"content":{"rendered":"\n<p class=\"has-intro-font-size wp-block-paragraph\">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.<\/p>\n\n\n<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"1001\" src=\"https:\/\/www.betaalvereniging.nl\/en\/wp-content\/uploads\/sites\/4\/2025\/09\/ECB_gebouw_1610784274-1.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Glass headquarters of the European Central Bank with large ECB logo in foreground against blue sky.\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.betaalvereniging.nl\/en\/wp-content\/uploads\/sites\/4\/2025\/09\/ECB_gebouw_1610784274-1.jpg 1500w, https:\/\/www.betaalvereniging.nl\/en\/wp-content\/uploads\/sites\/4\/2025\/09\/ECB_gebouw_1610784274-1-300x200.jpg 300w, https:\/\/www.betaalvereniging.nl\/en\/wp-content\/uploads\/sites\/4\/2025\/09\/ECB_gebouw_1610784274-1-1024x683.jpg 1024w, https:\/\/www.betaalvereniging.nl\/en\/wp-content\/uploads\/sites\/4\/2025\/09\/ECB_gebouw_1610784274-1-768x513.jpg 768w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">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, <a href=\"https:\/\/www.betaalvereniging.nl\/actueel\/nieuws\/end-to-end-testen-target2-consolidatie\/\">following preparations and testing that began more than 18 months earlier<\/a>, with support from De Nederlandsche Bank (DNB) and the Dutch Payments Association.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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\u2019 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\u2019s central banks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2023\/html\/ecb.pr230321~f5c7bddf6d.en.html\"><em>Read the European Central Bank\u2019s press release on the T2 migration\u2026<\/em> <span class=\"icon inline-block ml-1 w-[0.875em]\" aria-hidden=\"true\"><svg aria-hidden=\"true\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"32\" fill=\"#000000\" viewBox=\"0 0 256 256\"><path d=\"M228,104a12,12,0,0,1-24,0V69l-59.51,59.51a12,12,0,0,1-17-17L187,52H152a12,12,0,0,1,0-24h64a12,12,0,0,1,12,12Zm-44,24a12,12,0,0,0-12,12v64H52V84h64a12,12,0,0,0,0-24H48A20,20,0,0,0,28,80V208a20,20,0,0,0,20,20H176a20,20,0,0,0,20-20V140A12,12,0,0,0,184,128Z\"><\/path><\/svg><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Eurosystem successfully migrated banks and transaction processors across the eurozone to T2 and the ISO 20022 messaging standard.<\/p>\n","protected":false},"author":7,"featured_media":919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_notices":[],"footnotes":""},"categories":[20],"btv_subject_tax":[29,19],"class_list":["post-918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","btv_subject_tax-market-infrastructure","btv_subject_tax-payment-standards"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin  - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Migratie naar T2 en de Impact op Banken - Dutch Payments Association<\/title>\n<meta name=\"description\" content=\"Alle banken in de eurozone hebben succesvol gemigreerd naar T2. Ontdek de voordelen en verbeteringen in betalingssystemen.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.betaalvereniging.nl\/en\/news\/successful-migration-t2-new-interbank-clearing-settlement-system-eurozone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Successful migration to T2, the new system for interbank clearing and settlement in the eurozone\" \/>\n<meta property=\"og:description\" content=\"Alle banken in de eurozone hebben succesvol gemigreerd naar T2. 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