BNP Paribas connects to T2S via SWIFT 11 July 2013Brussels Reporter: Jenna Jones
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BNP Paribas Securities Services has chosen to use SWIFT’s value added network solution to connect to TARGET2-Securities (T2S).
The objective of T2S is to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in all securities in the Eurozone.
As a major SWIFT user, BNP Paribas can take advantage of SWIFT’s pricing structure for T2S that is designed to enable direct connectivity while minimising the financial impact of T2S messaging.
Alain Pochet, head of clearing, custody and corporate trust services at BNP Paribas Securities Services, said: “As a major securities services provider, we will connect directly to T2S to reap its benefits and pass them on to our clients.”
“We will therefore build our services for the T2S environment on the strongest foundations. We are confident that SWIFT’s T2S connectivity solution is the best choice for us and our customers, bringing unmatched benefits in terms of resilience, reliability and cost.”
Alain Raes, chief executive, EMEA and Asia Pacific at SWIFT, said: “We are delighted to see this latest development in our relationship with BNP Paribas. This agreement shows the value of SWIFT’s value added network solution for T2S for securities services providers.”
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