Successful launch of new T2 payment system

Thursday, 23 March 2023

The Eurosystem has successfully launched on 20 March 2023 the new T2 payment system, which has replaced TARGET2 as the new real-time gross settlement (RTGS) system. The T2 settles payments related to the Eurosystem’s monetary policy operations, as well as bank-to-bank and commercial transactions and offers to the market modern and efficient services.

Τhe Central Bank of Cyprus (CBC), in its capacity as a Eurosystem National Central Bank, has taken a leading role throughout the project to ensure the timely readiness of the CY financial community to migrate to the new system. Under the coordination and continuous monitoring of the CBC, the credit institutions operating in Cyprus, the four Cyprus Ancillary Systems (Cyprus Stock Exchange, Cyprus SEPA Direct Debit Payment System (CY-SDD), Cyprus Clearing House for cheques (CCH), JCC Cards), and the CBC have successfully migrated to the new T2 system on 20 March 2023.

The relevant ECB press release is published on the ECB website.