Single market access is scheduled from November 2021, with the European Central Bank (ECB) overseeing the tender process.
Under a ten-year concession, SIA/Colt and Swift will provide competing connectivity services for European central and commercial banks, central depositories, automated clearing houses and other payment service providers. The connectivity will span settlement of large-value payments via Target2, the instant payments settlement service, TIPS, the securities settlement platform Target2-Securities (T2S), and the Eurosystem. Collateral Management System (ECMS), plus any new services and applications.
The ESMIG is key to the Eurosystem’s “Vision 2020” strategic plan for the evolution of market infrastructures. The project is intended to bring savings for financial institutions and for the Eurosystem itself through a reduction in operating costs.
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