ECB publishes the user requirements for its future RTGS services

Following the approval of the TARGET2-T2S consolidation project, the ECB has published the user requirement documents for:

• central liquidity management
• future real-time gross settlement (RTGS) services
• shared services

These documents are accompanied by a glossary.

The user requirements documents have benefitted from more than 2,800 comments, from over 50 institutions, submitted during a market consultation on the Eurosystem's future RTGS services. The consultation ran from 10 May to 30 June 2017.

The project has now entered the implementation phase and the consolidated system is expected to be ready in November 2021. The new system will exploit the synergies across all TARGET Services, bringing significant improvements to liquidity management.