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What do central banks and banks need to do to prepare for migration to TARGET2?
Journal of Payments Strategy & Systems,
1
(3),
228-237
(2007)
Abstract
This paper gives an overview of the TARGET2 project, focusing on the migration phase, crucial for making the launch of the new system a success. It first explains what the scope of the migration to TARGET2 will be, presenting the characteristics of the future system and their likely impact on the banking industry. Then, it describes what the Eurosystem has put in place to prepare and manage, in the best way possible, the migration phase. Finally, it highlights the French robust project organisation, justified by a particularly complex and risky type of migration.
Keywords: TARGET; TARGET2; RTGS; large-value payments; Eurosystem; liquidity management; multi-country banks; ancillary system; group of accounts; migration; critical players; testing; certification; project plan; macro-planning
The full article is available to subscribers to the journal.
Author's Biography
Yvon Lucas is head of the Payment Systems and Market Infrastructures Department at Banque de France. The Department is in charge of both operations related to inter-bank settlements and oversight activities. The oversight responsibilities of Banque de France cover payment instruments, payment systems, securities settlement systems and central counterparties. Yvon is a member of the G10 Committee on Payment and Settlement Systems. He chaired the G10 Study Group on realtime gross settlement, which prepared the ‘RTGS report’ published by the Bank for International Settlement in March 1997. Yvon’s responsibilities in the TARGET2 project cover both the contribution of Banque de France as a ‘3CB’ central bank to the development of the single shared platform and the migration of France to the new system. He chairs the French Steering Committee in charge of the coordination of the migration of banks and market infrastructures to TARGET2.
Christine Lucas Christine Sampic is head of the Policy and Organization Division — Payment Systems and Market Infrastructures Department, at Banque de France, where she is in charge of policy and functional issues on large value payment systems, as well as training and international technical assistance. Christine has been in the TARGET2 project from the beginning, participating in the coordination of the French banking community in preparation for migration and managing changes in the Banque de France to get ready for the new system. Before joining the Payment System and Market Infrastructure Department, she worked at the International Monetary Fund as an economist in the Monetary and Exchange Affairs Department. Prior to taking this position at the IMF, Christine was in charge of the French Government securities auctions and the Securities Settlement System for money market instruments at Banque de France. She received a Diploma in Economics with High Honours from the Political Science Institute in Paris and a Post-Graduate Diploma in Organisation Sciences at Dauphine University.
