KDPW and KDPW_CCP adapt systems for payment clearing platform TARGET
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KDPW and KDPW_CCP adapt systems for payment clearing platform TARGET 21 March 2023Poland Reporter: Jenna Lomax
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KDPW and KDPW_CCP have adapted their systems to meet the requirements of the new TARGET European payment clearing platform.
As a result, the first EUR operations were successfully transmitted to and cleared in the Polish component of the system TARGET-NBP yesterday (20 March).
The European Central Bank’s (ECB’s) T2S settlement system was launched in a phased implementation from 2015 as an integrated platform for processing securities transactions against central bank money.
The ECB’s settlement system now combines services previously offered by the European Central Bank through Target2 (T2), T2S, and Target Instant Payment Settlement.
KDPW and KDPW_CCP participated in the T2 to T2S consolidation project and implemented systemic, regulatory and procedural alignments.
With the implementation of the new TARGET system, all payments within the EU, resulting from the settlement of transactions carried out by KDPW — or made in fulfilment of its issuers’ obligations — will be carried out through TARGET-NBP.
This will include issuers’ obligations arising from securities registered with the depository, as well as settlement fail penalties and operations related to clearing in the clearing house, KDPW_CCP.
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