2005年-ECB欧洲央行_TARGET2_â€_Innovation_and_Transformation_brochure_update_2005_4页_1mb

TARGET2 - Innovation and Transformation Summary

Core Content

TARGET2 is the next-generation payment system being developed by the Eurosystem to replace the current decentralised TARGET system. It is designed to provide a unified, efficient, and competitive platform for financial transactions across the euro area, with a focus on harmonising services, simplifying pricing, and enhancing liquidity management.

Main Objectives

The Eurosystem has three primary goals in building TARGET2:

1. Harmonised Service Level: A single technical platform will ensure consistent service quality for all users.
2. Cost Recovery and Single Pricing: A unified pricing structure will apply to both domestic and cross-border payments, eliminating current disparities.
3. Meeting User Demands and Future Enlargement: The system will accommodate new needs from users and support the integration of new EU Member States joining the euro area.

Key Features of TARGET2

• Single Technical Platform (SSP): Consolidates infrastructure, operated by Banca d'Italia, Banque de France, and Deutsche Bundesbank.
• Flexible Liquidity Management: Offers tools such as prioritisation of payments, liquidity reservation, and active queue management.
• Timed Payments Support: Enables the submission of time-sensitive transactions.
• Intraday Liquidity Pooling: Allows participants to pool liquidity from multiple RTGS accounts.
• Interaction with Ancillary Systems: Provides access to central bank money for various systems, with standardised interfaces and six settlement models.
• Enhanced Business Continuity: Multi-region/multi-site architecture with region rotation to ensure resilience and reliability.
• Information and Control Module (ICM): Offers online access to payment data and liquidity control features, with options for users to customise the information they receive.

Participation and Connection

TARGET2 offers open access through a single interface based on SWIFT standards. There are two types of participation:

• Direct Participants: Have an RTGS account and access to real-time information and control.
• Indirect Participants: Connect via direct participants to access additional services.

To connect, direct participants must use SWIFT's secure IP network through their own interface or a SWIFT Service Bureau. The system will use SWIFTNet services for payment information exchange and control.

Pricing Structure

TARGET2 introduces a single price structure for all transactions, aiming to increase cost-effectiveness. The price range for a TARGET2 payment is expected to be between €0.25 and €0.80. Further details will be provided in upcoming reports.

Migration Plan

The migration to TARGET2 is planned in waves, with four migration groups. The first three groups will be allocated to TARGET users, while the fourth is reserved as a contingency. Each wave will occur at three-month intervals, with the total migration period expected to be six months (or nine months if the fourth group is used).

Migration Groups (as of 2005)

Importance of TARGET2

TARGET2 is expected to significantly enhance the integration of financial markets by providing a uniform infrastructure for payments, clearing, and settlement. It will also promote business process consolidation and harmonisation of ancillary systems across Europe, supporting the growth and stability of the euro area.

Further Information

Detailed information on TARGET2 is available in:

• February 2005 TARGET2 Progress Report
• TARGET Annual Report 2004

All documents can be downloaded from the ECB website at www.ecb.int. Additional information is also provided on the websites of national central banks.

For hard copies or further inquiries, contact:

European Central Bank
Press and Information Division
Kaiserstrasse 29
60311 Frankfurt am Main
Germany
Fax: +49 69 1344 7404
Email: target.hotline@ecb.int