21 March 2023

• Eurosystem’s new real-time gross settlement (RTGS) system and central liquidity management tool went live on 20 March 2023
• New consolidated payment system successfully completed first day of operations
• Upgraded system to contribute to harmonisation and efficiency of Europe’s financial markets

The Eurosystem has successfully launched the new T2 wholesale payment system, which comprises an RTGS system and a central liquidity management tool. Migration to the new system took place between 17 and 20 March 2023. T2 has replaced TARGET2 as the new RTGS system for settling payments related to the Eurosystem’s monetary policy operations, as well as bank‑to‑bank and commercial transactions. TARGET2 processed payments worth €2.2 trillion per day on average. The first day of T2 operations went smoothly despite a delayed closure, the root cause of which was identified and fixed. The new RTGS system settled around 400,000 transactions, broadly in line with the average…