Target2 and RTGS. February 20. Aqua Global, e2gen
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1 February 20 Target2 and RTGS 2013 The TARGET2 module integrates with the existing Aqua Global s e2gen Integrated Payments processing modules to provide a single solution for processing high value payment instructions using RTGS message services Aqua Global, e2gen
2 Table of Contents TARGET2 & RTGS... 2 TARGET2 Overview... 2 Objective of TARGET Harmonised Services... 2 e²gen Integrated processing... 3 Key Features of e²gen Outward Processing... 3 Key Features of e²gen Inward Processing... 4 Summary... 4
3 TARGET2 & RTGS Institutions that offer pan European, same day, high value customer services need to provide a cost effective, reliable solution to this customer requirement. The TARGET2 and Real Time Gross Settlement (RTGS) processing module for e²gen provides a solution for processing high value payment messages transferred using TARGET2, EBA2 and EUROCHAPS. The module is also configurable to support any other RTGS systems. TARGET2 Overview TARGET2 (the second generation Trans-European Automated Real-time Gross settlement Express Transfer System) is the Euro system s interbank funds transfer system. It is a single centralised system created to support the Euro system s goal of defining and implementing the monetary policy of the euro area. It has also been devised to encourage the smooth operation of a payment system of which contributes to the amalgamation and stability of the euro area money market. The migration of the 21 banking communities to TARGET2 was organised in three waves: 1. November 2007 (Austria, Cyprus, Germany, Latvia, Luxembourg, Malta and Slovenia) 2. Feb 2008 (Belgium, Finland, France, Ireland, the Netherlands, Portugal, and Spain) 3. May 2008 (Denmark Estonia Greece Italy Poland and the ECB) Objective of TARGET2 Like its predecessor, TARGET2 settles payments related to monetary policy operations as well as transactions related to other payment and securities settlements systems. Its fundamental objective is to integrate and harmonise what is currently a highly fragmented securities settlement infrastructure in Europe. TARGET2 s main aim is to reduce costs of cross-border securities settlements with the euro area and participating non-euro countries. It has also been suggested that with the introduction of TARGET2 it will increase competition and choice amongst providers of posttrading services. TARGET2 will use: 1. SWIFT standard MTs for payment instructions 2. SWIFT Standard MXs for cash management messages 3. Other proprietary messages (defined by the Euro system)transported in SWIFT standard MX envelope Harmonised Services Now that TARGET2 is on a more centralised platform it can offer harmonised services at EU level, ensuring a level playing field for banks across Europe with a single price structure being applied to both domestic and cross border transactions. Offering new liquidity management features TARGET2 has allowed banks to consolidate their internal processes, such as treasury and back office functions. TARGET2 also offers its users liquidity-saving features to optimise the liquidity requirements of the system.
4 e²gen Integrated processing The TARGET2 module integrates with the existing Aqua Global s e2gen Integrated Payments processing modules to provide a single solution for processing high value payment instructions using RTGS message services based on the SWIFT network. The solution is configured to trigger the generation of the outward payment instruction (MT103, formatted to support the required MUG convention) according to the payment service hierarchy defined in the module. Key Features of e²gen Outward Processing Once the outward message has been released to the network the receipt of a network ACK will move the messages to the positively acknowledged queue. Finally, receipt of the MT012 notification of settlement will cause the notification to be appended to the outward MT103 message audit trail and the MT103 message will be moved to the finalised queue. In the event that settlement fails an inward MT019 notification will be received; this message event is linked to the audit trail and the outward message moved to the cancelled queue. If e2gen generated the accounting in the back office the transaction and any charges will be automatically reversed and the transaction re-routed to the next department (TARGET2, EBA2, SWIFT) in the routing hierarchy for re processing. Features of e2gen Outward Processing are as follows: Item Description Automatically Select Payment Channel & Correctly format messages for the selected payment channel Integrated Directory Processing to determine reachability Generate outward TARGET2 Payment Messages Monitor the Settlement Status of Transmitted Payment Messages Move Settled Messages from Transmitted to Finalised Reverse Rejected Messages & Select Alternative Delivery Channel Format and Transmit Message to Selected Alternative Channel
5 Key Features of e²gen Inward Processing Inward target2 messages will be processed in the same manner as inward mt103 messages managed by the e2gen integrated payment processing. On receipt the inward target2 message will be validated and automatically posted in the back office system Item Description Process inward TARGET2 Message Automatically Post Transaction Take and Apply Charges With Aqua Global s e²gen solution helps to streamline processes from initiation through to settlement, analyses events, automatically resolves them or triggers workflows for exception management. The ability to completely automate the process of selecting the payment channel, automatically monitor settlement status and re-route urgent payments that fail settlement without manual intervention are essential features of maintaining a cost effective service ALL of which are at the heart of e2gen. Summary TARGET2 is the euro systems interbank fund transfer system which is designed to efficiently process cross-border payments denominated in euro as if they were domestic payments. The most important change implemented in TARGET2 was the implementation of an alternative network for central banks, allowing the timely execution of critical payments on behalf of their participants should there ever be a SWIFT outage As TARGET2 is an RTGS system, payments are handled individually. Unconditional payment orders are automatically processed on at a time on a continuous basis. TARGET2 is the RTGS system for the euro, used for the settlement of central bank operations, large value euro interbank transfers as well as other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.
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