T2/T2S consolidation - New SWIFT ISO 20022 standard for cash payment messages
24/04/2023
The 20 March 2023, the new T2/T2S consolidated platform was successfully launched. The platform consolidates both technical and functional aspects of TARGET2 and TARGET2-Securities (T2S).
The real-time gross settlement system, TARGET2, is replaced by T2, which optimises liquidity management across all TARGET Services and offers enhanced and modernised services to the market.
The SWIFT ISO 20022 standard becomes the new defined standard for financial messages in Europe. Payment messages will be deployed worldwide between March 2023 and November 2025. From November 2025, the current SWIFT standard ISO 15022 (MT messages) will cease to exist.