Central Banking

New European payment effort delayed due to Covid


Work to consolidate two of Europe’s largest payment networks is likely to be delayed by a year following a request from the Market Infrastructure Board.

According to a statement from the European Central Bank, the board has requested the go-live date for the T2-T2S consolidation project be pushed back to November 2022.

Target2 is the region’s real-time gross settlement system, charged with settling payments between banks that have accounts with the central bank. Target2-Securities is the

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