T2, the new real-time gross settlement system
("T2"), went live on 20 March 2023 and
has replaced the previous settlement payment system TARGET2.
The purpose of T2 is to improve both technical and functional
aspects of TARGET2 and ensure enhanced user readiness and system
stability while also ensuring enhanced payment security, reduced
costs and improved efficiency for cross-border payments.
According to the European Central Bank:
"The T2-T2S consolidation project will consolidate both
the technical and the functional aspects of TARGET2 and
TARGET2-Securities (T2S). The current real-time gross settlement
system, TARGET2, will be replaced by a new system, T2, which will
optimise liquidity management across all TARGET Services and offer
enhanced and modernised services to the market."
