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Key milestones for participants in the T2-T2S consolidation project: A template for banks that are onboarding to any financial market infrastructure
Journal of Payments Strategy & Systems,
16
(4),
381-388
(2022)
Abstract
The various systems that provide services to the financial industry for trading, clearing and settlement, matching of financial transactions and depository functions are known as financial market infrastructures (FMIs). Within Europe, such FMIs include the Eurosystem’s TIPS, TARGET2 and T2S. TARGET2 will be superseded in March 2023 by a new real-time gross settlement system called T2, with a view to optimising liquidity management across all TARGET services. For a largescale implementation such as this it is important to provide an onboarding plan for customers. To this end, a set of milestones to guide system participants towards the intended go-live of November 2021 (now postponed to March 2023) has been published. This paper examines the milestones document through the lens of project management theory and recommends the use of said document, and the milestones within, as a template for participants onboarding to any FMI. FMI operators will also find the document useful when preparing to onboard their own customers.
Keywords: RTGS; liquidity management; payments; financial market infrastructure; project management; project milestones; customer onboarding
The full article is available to subscribers to the journal.
Author's Biography
Robert Bashford is a principal market infrastructure expert at the European Central Bank. He is the test manager for the TARGET Instant Payment Settlement Service (TIPS) and works on the T2-T2S consolidation project. He holds the APMP certification and is a PRINCE2 practitioner. He has an MBA in technology management from the Open University Business School and an MSc in software engineering from the Open University.
Chiara Ciraso is a market infrastructure specialist at the European Central Bank. She develops software solutions for the registration of users of the consolidated T2-T2S platform and works on the coordination of TIPS testing. She holds a bachelor’s degree in economics and statistics from the University of Turin and is completing an MSc in statistics.
