ECB’s Target 2 Payment System Resumes Normal Operations After Disruption
Overview of the Target 2 Payment System Incident
Incident and Resolution
July 6 (Reuters) - 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.
Role of T2 in European Financial Markets
Importance for Central Banks and Financial Institutions
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.
Impact of Maintenance Window
Delayed Settlement for Euros and Danish Krone
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.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Christian Schmollinger)
