Equens connected to TARGET2

18-02-2008

As of 18 February 2008 Equens successfully connected to TARGET2*. This new settlement system of the European central banks, replaces the current decentralised system with a single shared platform.

With this direct link, Equens can perform bilateral and multilateral clearing and settlement of SEPA payments as well as Dutch and German domestic retail payments. This link extend the use of earlier successful introduction in November 2007 of the settlement of high value and urgent payments on behave of German clients.

Now Equens can initiate settlement for all banks that are connected to TARGET2. What's more, as opposed to the European standard, Equens performs multiple clearing cycles per day. This allows for frequent settlement, which optimises the banks' liquidity position. All banks in Europe can easily connect to Equens.
The implementation of TARGET2 will be done gradually. migrating to the new system. In May 2008, the last group of countries and banks will migrate to TARGET2

*TARGET stands for 'Trans-European Automated Real-time Gross settlement Express Transfer system'.