MNI BRIEF: ECB Delays Pay System, Citing Software, Testing

The launch of a new payment system intended to further harmonise European financial markets will be delayed by four months, the ECB announced Thursday, citing software failings and a lack of readiness among some market participants. The launch of real-time gross settlement (RTGS) system and its central liquidity management model, T2, will take place on 20 March 2023, having initially been scheduled for 20 November 2022.

It follows an assessment by the ECB’s Market Infrastructure Board which found not all had completed testing in a “stable environment,” an ECB statement said.

“The decision also took into account the importance and systemic nature of T2, especially in view of the current geopolitical conditions and volatile financial markets.