ECB's T2 payment system back up after brief incident impacting payments
- When central banks and financial institutions in Europe need to send and receive large-value payments, they rely on T2
The ECB's T2 payment system, crucial for European financial transactions, briefly faced an incident impacting payment processing due to maintenance but is now operating normally.
- The function of the T2 payment system.
- The brief incident affecting payment processing.
- The cause of the delayed settlement window.
The European Central Bank said on Monday that its Target 2 payment system (T2) used to settle daily payments and financial trades was operating normally after briefly facing an incident impacting the processing of payments.
When central banks and financial institutions in Europe need to send and receive large-value payments, they rely on T2, which ensures that payments can be settled seamlessly in central bank money, according to the ECB’s website.
T2 was operating in the non-optional maintenance window and that was resulting in a delayed start of the settlement window for euros and Danish Krone, the central bank said in an earlier update on its operational status page.