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Target2-Securities (T2S), the new centralized European platform for securities settlement, represents a turning point for the old continent and requires a substantial change to the information systems of the entire financial community.
The entrance in T2S is happening in a phased manner for countries across Europe. On August 31, 2015, Italy joined Greece, Malta, Romania and Switzerland in completing the first of four Migration Waves scheduled by the Eurosystem.
More than ever, TAS Group was a main contributor towards this goal in a double role with TAS Network Gateway and Aquarius solutions adopted by direct (DCP) and indirect (ICP) participant banks connected to Monte Titoli, managing almost 97% of all T2S wave 1 volumes as the largest of the live Central Securities Depositories (CSDs).
TAS Network Gateway is the system for the management and redistribution of all T2S messages installed at the heart of the European Central Platform. Since last August 31, more than 100 billion Euros are being settled every day on the T2S platform, and more than 850,000 interbank messages are checked, validated and transmitted to the various financial institutions using TAS Network Gateway, which has been adopted at the Central Banks level as well as participant banks.
In addition to the connectivity layer, TAS products also come into play in relation to business data processed by the Aquarius, the new integrated solution for securities, cash and collateral, which has been integrated into the back-office and treasury systems of many market participants. In fact, Aquarius has been selected by 10 major Italian customers for its innovative features and functional coverage that goes beyond the minimal requirements for adapting to the logic of T2S clearing and settlement.
TAS Group has achieved these important results thanks to the involvement and collaboration of experienced professionals belonging to different lines of business of the Group, who joined together to accomplish a great deal of planning, software development and software adaptation to support the new European market infrastructure.
“TAS has gathered its best resources from all fields of technology in which, not surprisingly, TAS is a leader,” explained Anna Lisa Nobili, Director of Multichannel ePayments Business Unit of TAS Group. “We worked very hard – leveraging state of the art enterprise technologies and reviewing legacy systems for our customers – and we’re proud to have contributed successfully to the birth of T2S. Now, we will be increasing our role delivering both solutions in the upcoming Migration Waves throughout Europe leading to full completion of the T2S project, which started for us alongside the central banks of France, Germany and Italy over 7 years ago.”