Key milestones for participants in the T2-T2S consolidation project: A template for banks that are onboarding to any financial market infrastructure

Robert Bashford and Chiara Ciraso
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Robert Bashford: Principal Market Infrastructure Expert, European Central Bank, Germany
Chiara Ciraso: Market Infrastructure Specialist, European Central Bank, Germany

Journal of Payments Strategy & Systems, 2022, vol. 16, issue 4, 381-388

Abstract: The various systems that provide services to the financial industry for trading, clearing and settlement, matching of financial transactions and depository functions are known as financial market infrastructures (FMIs). Within Europe, such FMIs include the Eurosystem’s TIPS, TARGET2 and T2S. TARGET2 will be superseded in March 2023 by a new real-time gross settlement system called T2, with a view to optimising liquidity management across all TARGET services. For a largescale implementation such as this it is important to provide an onboarding plan for customers. To this end, a set of milestones to guide system participants towards the intended go-live of November 2021 (now postponed to March 2023) has been published. This paper examines the milestones document through the lens of project management theory and recommends the use of said document, and the milestones within, as a template for participants onboarding to any FMI. FMI operators will also find the document useful when preparing to onboard their own customers.

Keywords: RTGS; liquidity management; payments; financial market infrastructure; project management; project milestones; customer onboarding (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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