T2 User Group 27/10/2015
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T2 User Group27/10/2015
T2UG2 / 47
T2 UG - Agenda
► T2-Securities● Liquidity monitoring and management
Value Added Services MX and MT berichten support
● Billing● Insolvency procedures● Testing● Static data forms● Update USB tokens and non-repudiation
T2UG3 / 47
T2 UG - Agenda
► TARGET2● ISO20022● Monitoring of Banking Groups● Vision 2020● Migration banks to TARGET2● Release 9.0
► Miscellaneous● Website● Statistics
T2UG4 / 47
T2-Securities
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Liquidity monitoring and management
Core services
► Camt5 standards► No Business Application Header (BAH)► Liquidity transfers from T2 to DCA
● Standing order: A2A (camt069) and U2A (ICM)● Current order: A2A (camt050) and U2A (ICM)● Optional debit notification (MT or MX)
Camt054: credited DCA included MT900: credited DCA NOT included
End-to-end identification in case of current order and filled in in ICM
● Incoming liquidity transfers from T2S (MX) Optional camt050
DN needed
T2UG6 / 47
Liquidity monitoring and management
Value Added Services (VAS)
► Optional service in TARGET2● Monthly fee: 50€ or 625€● In addition to core services● Balance DCA(s)● MT202● Push and pull liquidity T2-T2S
► Balance DCA(s)● All DCAs linked to RTGS account● Screen in ICM
T2UG7 / 47
Liquidity monitoring and management
► Liquidity transfer via MT202: T2 → T2S DCA● Only Highly Urgent● Only same day
● Sender: BIC RTGS ● Receiver: TRGTXEPMT2S● Tag103: TGT● Field 58A: BIC and account number DCA
● Optional MT012● MT019 in case of reject
T2UG8 / 47
Liquidity monitoring and management
► Liquidity transfer via MT202: T2S DCA → T2● Only Highly Urgent and same day
● Sender: BIC RTGS● Receiver: TRGTXEPMT2S● Tag103: TGT● Field 53A: BIC and account number DCA● Field 58A: BIC RTGS
● No MT910● Optional MT012● MT019 in case of reject
T2UG9 / 47
Liquidity monitoring and management
► Liquidity transfer T2S DCA → T2● Optional MX or MT202● No MT910
► MT202● Sender: TRGTXEPMT2S● Receiver: BIC RTGS● 103: TGT● Field 52A: BIC and account number DCA● Field 58A: BIC RTGS
T2UG10 / 47
Liquidity monitoring and management
► Support NBB TARGET2-BE● Current: 6:30 till 19:30● Monitoring
RTGS accounts minimum reserves and standing facilities Settlement Ancillary Systems Liquidity transfers Ancillary systems
● Act on behalf Participants
Payments Liquidity transfers NBB-SSS and ESES-BE
Ancillary Systems Settlement
T2UG11 / 47
Liquidity monitoring and management
► Support NBB T2S● Same operating hours 6:30 till 19:30(?)● Monitoring
RTGS accounts minimum reserves and standing facilities Settlement CEC DCA accounts
● Act on behalf Participants
Payments Liquidity transfers T2 – T2S
Ancillary Systems Settlement
T2UG12 / 47
Billing
► NBB sends 2 monthly invoices to PM Accountholders● INVOICE T2
Normal invoice T2+ VAS T2S (50eur (option A) or 625eur (option B))+ 250eur / linked DCA
● INVOICE T2Sfor liquidity transfers and queries in T2S(see next table)
► CSD sends invoice for transactions on T2S
T2UG13 / 47
Billing
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Billing
► Amounts of both invoices (T2 and T2S) will bedirectly debited on the PM account
► In case of multiple DCAs : amounts on T2S invoice are globalised by PM account
If more details needed : ad-hoc report : has to be requested and tested
T2UG15 / 47
T2S Testing
T2UG16 / 47
Testing - Agenda
► Connectivity testing for cash DCP
► Migration testing:● Pre-Migration Dress Rehearsal● Migration Weekend Dress Rehearsal
► Certification testing (only for cash DCP)
► Authorisation testing (for DCP and ICP)
T2UG17 / 47
Connectivity testing
► Registration Forms
► Applicable to all directly connected DCA holders
► Aim: prove that the DCA holder can connect to T2S:● U2A mode: login to the GUI● A2A mode: exchange of XML messages
T2UG18 / 47
Migration testing
► Pre-Migration Dress Rehearsal (PMDR)► Gradual building up of the static data
► Migration Weekend Dress Rehearsal (MWDR)►All steps foreseen during the actual migration
► Without Community : 3 PMDR and MWDR
► With Community: 1st MWDR 17 & 18 October
T2UG19 / 47
Migration => Community testing► Community environment “MIG2”
● Results from the MWDR 17 Oct● TARGET2 Cust connected (until February 2017)● Certification and Authorisation
► Pre-production test environment: “UTEST”● testing activities by already migrated entities and their
communities● Exception: Wave2 business day testing on the pre-production
environment => new MWDR on 13/14 February 2016● PMDR starts at 16 November ● TARGET2 Cust connected only from February 2017● To check: E-ordering by DCPs for UTEST?
T2UG20 / 47
Static Data Forms for UTEST (1)
► The forms already sent for the community environmentwill be re-used in UTEST
► But if needed (due to recent changes) new forms canbe sent to the NBB
► The free text in the DCA will only contain capital lettersand no special characters or blancs
► The DN for the certificate to access the GUI must bedefined with CN,OU and O in capital letters and a blanc after the comma
T2UG21 / 47
Static Data Forms for UTEST (2)
► The DN of the default technical address must bedefined with cn,ou and o in small letters and no blancs after the comma
► The CMB authorized BICs represent the BICs of the SAC holders that will use this DCA for settlement
► For production, the NBB will ask new original formsduly signed by the participant
► Check and eventually send an updated list of signatures
T2UG22 / 47
Static data forms for production
► DCAs will be created before go-live● Different steps between NCB and CSD● January 2016● Active but with restrictions
No settlement possible Invoicing only after go-live
► Forms for DCAs● By mid January 2016● Duly signed● Communication will follow in December 2015
T2UG23 / 47
T2S Certification testing
► Provide evidence that the directly connected DCA holder can interact with T2S and does not harm T2S
► Directly connected payment banks to submit a report through the home Central Bank
• Print-outs, screenshots, forward XML-reports, …• TARGET2 Helpdesk mail dated 26 August +reminder 19 Oct• [email protected]
► NBB will report to the Eurosystem, that will validateand provide certification
► Timeframe: 4 weeks as from 19 Oct
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T2S Certification testing
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T2S Authorisation testing► Applicable to all directly connected DCA holders► Prove that a DCA holder is able to use all the T2S
functions according to its future business setup► Precondition to start : certification testing completed► List test cases: Guide to TARGET2 User testing
► 18 mandatory and 58 conditional test cases► Example:
T2UG26 / 47
T2/T2S Interface Authorisation testing
► In addition to the T2S authorisation test cases, T2 RTGS accountholders must run T2 interoperability test cases related to T2S
► Here the T2S cash DCPs and T2S ICPs test the use of the T2/T2S interface► Liquidity transfers between DCA and PM account (positive
and negative testing)► Current and standing orders► MT/MX messages
► End date for authorisation testing wave 2: end December 2015
T2UG27 / 47
Community => business day testing
► After the migration to utest, wave 2 will continue business day testing including:● Familiarisation with operational procedures● Incident management procedures● Scenario’s to be agreed between all actors wave2
► Business day testing for wave 2 is foreseen on theUTEST environment:● Simulation of several consecutive business days● Includes 4 consecutive weeks of live timing● Between 14/02/2016 and 28/03/2016
T2UG29 / 47
Available documents► Target2:
► http://www.ecb.europa.eu/paym/t2/professional/nov_2013/html/index.en.html► Guide to TARGET2 user Testing ► Annex 1 — description of connectivity test cases► Annex 2 — description of interoperability test cases► Interoperability testing document for the TARGET2/T2S interface► Authorisation testing list► Authorisation test
► T2S:► http://www.ecb.europa.eu/paym/t2s/about/keydocs/html/index.en.html
► T2S Guide for Payment Banks► Frequently asked questions about T2S functionalities► List of T2S privileges and third party receipt privilege ► T2S Certification Testing test cases version 1.0► T2S Connectivity Guide v1.0► T2S User Detailed Functional Specifications (UDFS)► T2S User Handbook (UHB)
T2UG30 / 47
Insolvency procedures in T2S
► Directive on settlement finality in payment and securities settlement systems (98/26/EC)
► See Terms and conditions of TARGET2-BE (based on the TARGET2 Guideline)
► Moment of entry and moment of irrevocabilityof a transaction on a DCA in case of insolvency of the DCA holder
T2UG31 / 47
Insolvency procedures in T2S
► For liquidity transfer from a DCA to another DCA or to a PM Account :● Moment of entry = ● Moment of irrevocability =● Moment that the DCA is debited
T2UG32 / 47
Insolvency procedures in T2S
► For transaction settling on DCA with matchingof 2 orders (securities transaction) :● Temporary solution :
Moment of entry = Moment of irrevocability =Moment that the DCA is debited
● After signature of an agreement CBs and CSDs(almost ready) and ad-hoc procedures :Moment of entry = compliant with the technicalrules of T2SMoment of irrevocability = matched
T2UG33 / 47
Scenario 6Scenario 5Scenario 4Scenario 3Scenario 2Scenario 1
Entered before
insolvency?
No action (i.e. to be processed
according to the system rules)
Entered before made
aware ?
No action Cancellation if unsettled at the end of the day of insolvency
Rejectedimmediately cancelled
Yes Yes
Yes
No
No
Insolvency procedures in T2SSFD requirements: decision tree (after agreement signed)
No Requested by the liquidator?
processed according to the system rules
Yes
No
Settlement day = day of insolvency?
immediately put on hold for a
later cancellation
Matched before made
aware ?
Yes
No
T2UG34 / 47
USB tokens and non-repudiation
► Non repudiation of origin for U2A● T2S GUI● Only for critical functions● A2A not impacted● Pop-up screen to enter pin code
► Upload second certificate (and private key) on USB token from SWIFT● Procedure available on site SWIFT● Update by security officer● Naming convention changed for SWIFT tokens
T2UG35 / 47
USB tokens and non-repudiation
► Technical aspects● Applet must be downloaded● Minimum configuration● Technical docs on website ECB
► Migration in T2S not yet decided
T2UG36 / 47
TARGET2
T2UG37 / 47
ISO20022
► Migration to ISO20022 ● Foreseen for November 2017● Converter solution● Like-for-like
► Decision Eurosystem: report ISO20022 migration● Banks were against converter solution● No urgent need for ISO20022 in TARGET2● Method and timing migration together with market
under umbrella of Vision2020
T2UG38 / 47
Vision2020
► Task Force Eurosystem ● strategic exercise on market infrastructures● First report approved in september 2015
Synergies between TARGET2 and T2S Multiple VANs ISO20022
New services Instant Payments Credit& Collateral Technical infrastructure
T2UG39 / 47
Monitoring of banking groups
► New tool to monitor liquidity on group level● Only for NCBs● Crisis situations● In addition of virtual account and liquidity pooling
► Aggregated view on international banking groups● Individual accounts● Overview group
► Via static data● Procedures and forms will follow
► Available in June 2016
T2UG40 / 47
Release 9.0
► Adaptation of ICM to comply with IE11● From January 2016, Microsoft will support only the
latest version of its browser● Support for older browser versions including
security patches will be stopped
With Release 9.0 ICM U2A will be compatible with ► Microsoft Internet Explorer 11 and ► Mozilla Firefox ESR 38
(Enterprise Support Release version 38)
T2UG41 / 47
Release 9.0
► letter option ‘F’ is added to field 59, Beneficiary Customer, in the Payments messages (MT 103, MT 103+ and MT 202COV)
► ICM changed to enable Internet-based participants to enter the new option in their payment messages.
► Furthermore the country code HR is added to the network validated rule that validates the IBAN format in field 59 (Enter-screens for IBP).
T2UG42 / 47
Release 9.0
► Currently, for AS payments, the SWIFT field 20 TRN of MT900-910 is built with “AS“ followed by the 14 last characters of the timestamp “ddhhmmssnnnnnn“. The result is “ASddhhmmssnnnnnn“Due to parallel processing, this timestamp may not be unique for AS payments.
► CR-705 consists of keeping "ASddhhmmss", and replacing the remaining 6 digits “nnnnnn” by the last 6 digits of the payment reference. This would lead to an unambiguous "timestamp"
T2UG43 / 47
Migration banks to TARGET2
► TODAY● You are participant in TARGET2
at least for minimum reserves management
● But still 69 Monetary Financial Institutions (MFIs) are not participant in TARGET2 : Reserves management in « RECOUR » (currentaccount system of NBB)
T2UG44 / 47
Migration banks to TARGET2
► FUTURE● RECOUR => New system● All MFIs will manage their minimum reserves in
TARGET2● Transfer in waves before mid-2018
T2UG45 / 47
Miscellaneous
T2UG46 / 47
Website
► New website for NBB-TARGET2 and TARGET2- Securities (technical “upgrade “)
► protected part of site removed No longer a public and a protected part in new site user-id and password no longer needed
► Update website : old & less used information not included anymore Statistics for Target2 Direct Participant : no longer on new site !!!
► Links to ECB-TARGET2 website for eurosystem documents
► GO LIVE foreseen :1/12/2015 , END of old website : 10/12/2015
► Communication will follow in November
T2UG47 / 47
Statistics
► Limited consultation of the monthly statistics of T2-Direct Participants
► As there will be no password protection anymore● Monthly and yearly statistics by participant removed from site
► From 1/12/2015 still possible to obtain statistics :● Send a mail to [email protected]● report provided via secured mail
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