Portugal's central securities depository (CSD) operator, Interbolsa, has signed on for Swift's value added network (VAN), a key aspect of connectivity to the Target2-Securities (T2S) platform
T2S, operated by the European Central Bank, is envisaged as a pan-European delivery-versus-payment settlement platform, which will ease cross-border transactions within the Eurozone and cover a majority of securities in the region. VAN providers, which currently comprise Swift and Colt, will service connectivity to the platform for those institutions which do not wish to connect directly themselves. Interbolsa, as well as operating the Portuguese CSD, also runs the country's securities settlement systems and National Numbering Agency.
"We are confident that Swift is the right T2S connectivity solution for Interbolsa, bringing unmatched benefits in terms of resilience and ease of infrastructure enhancement, and we look forward to working closely with Swift to implement its integrated solution, which we are confident meets our specific needs," says Rui de Matos, member of the managing board at Interbolsa.
Interbolsa is planning to go live with Swift's VAN connectivity in 2016.
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