Cooperation with users
During its development, TARGET2 benefited greatly from cooperation between the Eurosystem and future users of the system. This improved the understanding of market requirements and ensured a smooth migration process and high levels of acceptance of the system by users.
The user-consultation process was very fruitful and the Eurosystem designed TARGET2 to fully meet users’ requirements.
Main user requirements
- Maximum harmonisation of services and related fees,
- increased cost-efficiency,
- flexible liquidity management facilities,
- strong business continuity,
- and effective contingency measures.
The Eurosystem maintains close relations with TARGET2 users. Regular meetings are held at national level between the national central banks and the respective national user groups.
Joint meetings of the Eurosystem Working Group on TARGET2 (WGT2) and the TARGET Working Group (TWG), which comprises representatives of the European banking industry and take place regularly. These pan-European meetings deal primarily with the management of new system releases.
Strategic issues are addressed in the Contact Group on Euro Payments Strategy (COGEPS), a forum in which the senior management of commercial and central banks is represented.
Relevant information of interest to the user community is published regularly on the dedicated TARGET2 website, on the ECB website and on the websites of the national central banks.