In the context of a strategic review of its infrastructures Target2 and T2S and of the services for management of Eurosystem collateral, the Eurosystem has elaborated the programme VISION 2020. This programme is composed of three projects with a significant impact on all counterparties of the Eurosystem and other market actors.
The first, TIPS (TARGET Instant Payment Settlement), operating 365 days per year on a 24 hours basis, offers the market the possibility to use an instant settlement service for retail payments. It was launched in November 2018.
TARGET Consolidation, the second project, going live in November 2021, will replace the Target2 platform by a new system for gross settlement of payments (RTGS) and by a new tool for centralised liquidity management, CLM (Central Liquidity Management).
The third project, ECMS (Eurosystem Collateral Management System) will consist of a centralised collateral management system. It will be delivered in November 2022.
In order to facilitate the communication with these new systems, the Eurosystem will implement a single gateway, ESMIG (Eurosystem Single Market Infrastructure Gateway), based on the ISO 20022 Standard, which will serve as a unique entry point to all these services as from 2021.
2019/01/31: Vision 2020 letter to all BCL account holders
2019/01/31: Overall key milestones (annex to the Vision 2020 letter)
2019/02/14: TARGET User Group presentation on the future TARGET services
2019/03/31: Deadline of the Public consultation on CLM and RTGS specifications (UDFS)