- MIP NEWS
User testing begins for new T2 system
1 December 2021
Prospective users of the forthcoming large-value payment system T2 can start testing the functionalities of the system as of 1 December. The testing will run over the coming year and will allow participants to prepare for a smooth migration to the new system, which is scheduled to launch in November 2022.
In order to start testing the new T2 platform, participants needed first to connect to the system and submit their registration forms to the relevant central bank, as explained in the TARGET registration and onboarding guide. Other supporting documents for users are the Terms of reference for user testing and the Mandatory Test Cases for T2 Participants, which are published on the ECB’s website. Further technical details on the testing conditions will be shared on the ECB’s website in early December 2021.
The new real-time gross settlement (RTGS) system T2 will replace the current TARGET2 system in November 2022, as part of the T2-T2S consolidation project. The project also brings optimised liquidity management which will allow participants to steer, manage and monitor central bank liquidity across all TARGET Services.