The European Central Bank (ECB) is postponing the launch of its new payment processing and liquidity management systems by a few months.
The central bank announced this on Thursday after a decision by the ECB Council.
Instead of November 21, it will only start on March 20, 2023.
Christian Siedenbiedel
Editor in Business.
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Some users still have to complete tests, it said.
Software errors also played a role in the decision.
The central bank also referred to the geopolitical environment and the volatile financial markets.
The additional time ensures greater system stability, ensures user readiness and ensures a smooth transition to the new platform, the ECB said.
Bankers Association letter
During the major conversion of these systems, there had recently been repeated difficulties.
The Association of German Banks, which represents private banks, expressed its concerns in a letter to the Deutsche Bundesbank at the beginning of September.
It is about the real-time settlement system RTGS (“Real Time Gross Settlement”) and its central liquidity management model T2.
Among other things, the RTGS is intended to replace the previous payment system in the euro area, Target 2, whose balances have repeatedly been the subject of discussions.
The target balance of the Deutsche Bundesbank had recently risen again, to a new high of 1.267 trillion euros on September 30th.