Future SSP releases and developments
This section gives an overview of the next SSP releases in TARGET2, going beyond the first upcoming release. In addition, future evolutions which would extend over more than one release are covered under a separate tab, currently “ISO 20022 strategy”.
ISO 20022 strategy
In March 2015, the Central Banks had informed the TARGET2 participants about their intention to adopt a converter-based approach for migrating TARGET2 to ISO20022 standards. The converter-based approach was seen as a short-term solution to bridge the time gap until the completion of a strategic review, which the Eurosystem was about to launch on the future of its market infrastructures. This announcement raised concerns on the side of some banking communities, which called for postponing the migration of TARGET2 to ISO20022 until the main findings of this review are known.
In August 2015 the Central Banks consulted again all communities, seeking more specifically their views on the impacts that such a postponement may have. From the replies received, it appears that:
- A majority of banks consider that there is no need to rush in the migration to ISO20022 for TARGET2 while a new strategy on its evolution in the medium term is being elaborated.
- The implementation of ISO20022 should be made together with all relevant technologic changes, which will result in maximizing all the benefits offered by the new standards, in particular their ability to transport richer information.
Owing to the clear feedback received from the TARGET2 users’ community, the Eurosystem accepts reconsidering its plans to migrate TARGET2 to ISO20022 by November 2017. The migration of TARGET2 to ISO20022 will instead be reassessed in the context of the strategic review, the launch of which was officially announced at Sibos on 14 October 2015.