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TARGET2 / TARGET2-Securities / ISO-20022 migration

Creating globally uniform payment formats

For years financial institutions and other market participants have been employing uniform European payment solutions. As an important next step on the way to a global uniform payments infrastructure the Eurosystem has decided to replace the SWIFTNet-FIN messages (MT messages) used for TARGET2 payments with XML-based MX messages.

The consolidation of TARGET2 and TARGET2 securities is one of the three subprojects of the “vision 2020” by the Eurosystem. The aim of this project is to make the market infrastructure in the payments sector sustainable for the future also in response to international requirements.

As part of this consolidation, the SWIFTNet-FIN messages (MT) currently used for payments in TARGET2 have to be replaced by ISO-20022-compliant MX messages – and the deadline for this switch is the 21st of November 2022. Therefore, not much time remains for converting the internal systems to the new global uniform XML format.

The payment products developed by PPI AG help banks to stay up-to-date in this field. PPI’s TRAVIC-Payment Hub, for example, is based on the ISO-20022 format and is therefore optimally prepared for the challenges of the TARGET2 MX migration.

To TRAVIC-Payment Hub Cross-Border and High-Value Payments

The PPI consulting team for the payments sector actively supports and accompanies you through all phases of the ISO-20022 migration and consolidation. Please do not hesitate to contact us for more information.

Raija Wehrli

Contact

Raija Wehrli
Senior Consultant

+49 40 227433-1570
Raija.Wehrli(at)ppi.de