Eurosystem delays T2 wholesale payment system launch


Eurosystem delays T2 wholesale payment system launch

The European Central Bank has delayed the launch of a new real-time gross settlement system and central liquidity management model, T2, by four months until next March in order to give some member states more time for testing.

Get ready for the second phase of ICS2!

The second phase of the European Union’s new customs pre-arrival security and safety programme – Import Control System 2 (ICS2) Release 2 – will be in effect from 1 March 2023. Economic operators involved in handling, sending, shipping and transporting cargo, express or postal consignments to or via the EU by air have to comply with new data reporting requirements.

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Gun Background FAQs – Delayed or Denied? Don’t panic

You can proceed, delay, or deny when purchasing a firearm. In this video I briefly cover reasons behind Delays and Denials when trying to purchase a firearm. The FBI conducts the background checks for the ATF and once a dealer submits the background their hands are tied.

You can get delayed in stores or at gun shows, know what to expect and work the process.

Resolution Card:

Appeals Information:

General Delay Information:

Delays in firearm FBI background checks prompt calls for change

In metro Detroit and across the country, gun shops often face delays when running FBI background checks. It’s something now prompting calls for change.

TARGET2: The Eurosystem’s real-time gross settlement system

TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.

TARGET2 is the second generation of TARGET.
Payment transactions in TARGET2 are settled one by one on a continuous basis, in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 settles payments related to monetary policy operations, interbank and customer payments, and payments relating to the operations of all large-value net settlement systems and other financial market infrastructures handling the euro (such as securities settlement systems or central counterparties).

TARGET2 is operated on a single technical platform. Business relationships are established between the TARGET2 users and the respective central bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world.

TARGET2 facts in 2012:
– TARGET2 had 999 direct participants, 3,386 indirect participants and 13,313 correspondents
– TARGET2 settled the cash positions of 82 ancillary systems
– TARGET2 processed a daily average of 354,185 payments, representing a daily average value of €2,477 billion
– the average value of a TARGET2 transaction was €7,1 million
two-thirds of all TARGET2 payments (i.e. 68%) had a value of less than €50,000 each; 11% of all payments had value of over 1 EUR million each
– the peak in volume turnover was 29 June 2012 with 536,524 transactions and peak value turnover was on 1 March 2012 with €3,718 billion
– TARGET2’s share in total large-value payment system traffic in euro was 92% in value terms and 58% in volume terms
– the SSP technical availability was 100%
– 99.98% of TARGET2 payments were processed in less than five minutes

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