SWIFT has successfully concluded the Eurosystem Network Acceptance Test, a key milestone in the delivery of its Value Added Network (VAN) Solution for connectivity to Target-2 Securities (T2S).
Following a public procurement process run by the Banca d’Italia on behalf of the Central Banks of the Eurosystem, SWIFT was awarded a license to provide connectivity services to T2S. The latest milestone sees SWIFT having passed a series of milestones and met the requirements of the last one, ‘Milestone 6’ of the license agreement.
In order to achieve the latest milestone, SWIFT completed a series of test cases to prove that its solution meets all the technical and non-technical requirements of T2S. SWIFT’s connectivity services agreement for T2S will be available to the market by the end of October 2013. SWIFT now moves on to the next phases of the program, supporting the testing activities of the European Central Bank and direct T2S participants in preparation for the go-live of T2S planned as of June 2015.
Alain Raes, chief executive, EMEA & Asia Pacific, SWIFT, comments: “Successful completion of network acceptance testing is yet another demonstration of this, and positions SWIFT well to move on to – and complete – the next phases of this crucial program for our community.”
SWIFT’s VAN Solution will enable T2S participants to connect to the T2S platform for the secure exchange of business information, in ISO 20022 format. A number of customers have already announced they will connect to T2S using the SWIFT VAN – including Clearstream, Euroclear, Iberclear, Interbolsa, KDD Central Securities Clearing Corporation, SIX Securities Services, BNP Paribas Securities Services, Citi, Deutsche Bank and Societe Generale Securities Services.
SWIFT Network Passes Eurosystem Acceptance Test for T2S Connectivity
SWIFT has successfully concluded the Eurosystem Network Acceptance Test, a key milestone in the delivery of its Value Added Network (VAN) Solution for connectivity to Target-2 Securities (T2S).