Swift Develops End-to-End T2S Solutions

Messaging provider Swift has announced the successful proof of concept for its value-added network connected to the Target2-Securities (T2S) platform, as well as the creation of a full suite of associated services.

Earlier this year, Swift won approval to develop a VAN for the T2S platform, with a SIA-Colt consortium winning another. In addition to the VAN, the services will include T2S training, impact assessment, project management and integration, and standards support.

"The successful completion of the PoC and the creation of our end-to-end services for T2S are important milestones," says Alain Raes, chief executive, EMEA at Swift. "We are committed to help our customers transition to the T2S environment. They are asking themselves critical questions about the impact of T2S on their business and operations, about the strategies they should adopt to remain successful in the new T2S world, and about how to achieve the migration with the lowest cost and risk."

T2S is a project launched by the European Central Bank (ECB) and other central banks in the Eurosystem to create a single platform for securities settlement in European markets. The stated aim is to facilitate cross-border settlement efficiently, in a multi-currency fashion, something that is currently complicated due to the fragmented nature of the market. The project will be built, run and maintained by the ECB, and has a proposed launch date of 2015.