The current Target2, T2S and TIPS systems of the European central banks will be consolidated in a new platform for European interbank payments. In addition to these three systems, the new platform includes a centralised liquidity management system (CLM), central management of common reference data and a harmonized interface with the outside world (ESMIG). And the messaging to and from Target2 will migrate from MT to ISO20022. All these changes will be implemented in a single, big bang implementation on November 21, 2022.
Does your institution participate directly or indirectly in one of the Target systems? Then you will have to adapt your processes and IT systems to the new way of working, message standard and interface before then. In doing so, you must meet the various milestones defined by the European Central Bank.