The playing field for interbank payment and settlement is changing. In Europe, Target2, T2S and TIPS are being consolidated in a new platform. Payment and reporting messages between banks will be migrating from SWIFT MT to ISO20022. And SWIFT is introducing a new Transaction Management Platform for international payments and securities transactions. That means a lot of work for institutions that use the Target systems and SWIFT. Enigma Consulting can assist you in analysing and implementing the changes.

Pieter van Stempvoort
Pieter van Stempvoort
Senior Consultant
Target consolidation

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.

ISO20022 migration

Interbank messaging in the context of international payments via SWIFT is migrating from the MT to the ISO20022 (MX) standard. This mainly concerns the payment messages from the MT1 and MT2 series and the reporting messages from the MT9 series. The use of the MX messages and the translation rules between MT and MX are managed by the Cross Border Payments and Reporting Plus Group (CBPR +) of the banks and SWIFT. The migration itself will be spread over the period from November 2022 to November 2025.

Does your institution initiate or process international payments via SWIFT? Or does your institution receive account statements or transaction reports via SWIFT? Then your IT systems must be adapted to the ISO20022 formats and rules. And because the technical connection to the SWIFT network is also changing with the switch to MX messages, this must also be adapted.

How can
Enigma Consulting
help you?

Our interbank payments experts can help you analyse the impact and guide the implementation of the Target consolidation changes and migration from MT to MX messages. You can think of the following.

Target consolidation

  • Advising on new set-up of accounts at the Central European Bank
  • Analyse and set up the processes in the context of payments and liquidity management
  • Analyse the impact of the new ISO20022 messages for your institution and for your customers
  • Workshops about the change area, the processes, and the message standards.

MT-MX migration

  • Analyse the impact of the new ISO20022 messages for your institution and for your customers
  • Advising on and analysing the impact of SWIFT’s new Transaction Management Platform
  • Workshops about the change area, the processes, and the message standard.

Interested or would you like to know more? Then contact one of our consultants.


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