Three European banking groups released an educational note issued by the TARGET Working Group on TARGET2. The TARGET Working Group deals with the requirements of banks for the secure and efficient use of TARGET as a high value and individual payment system and the specification of user requirements for the development and future design of TARGET2.
Efficient payment mapping and routing is a key factor for seamless, correct and timely execution. Target2 offers supporting facilities for these processes by means of the functions of “Indirect Participation” and “Addressable BIC”. These functions are to be used in connection with the new Target2 directory. Consequently automated mapping and routing can be performed for all banks, using these new tools.
© Graham Bishop
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