ECB announces independent review on payments infrastructure. TARGET2 incident on 23 October 2020 caused outage lasting almost 10 hours.

19 noiembrie 2020

The investigation will also take into account other incidents that affected TARGET Services during 2020.

The European Central Bank (ECB) will launch an independent review of an incident that affected its real-time gross settlement system TARGET2 on 23 October 2020, causing an outage for almost 10 hours. An initial investigation determined that a software defect in a network device was the specific technical cause of the incident.

The independent review will also take into account other incidents that affected TARGET Services during 2020, including those affecting directly and indirectly TARGET2 Securities (T2S), the securities settlement platform operated by the Eurosystem.

The independent review will allow the Eurosystem to draw lessons from the incidents and address them. It will look into the robustness of the business continuity model, the adequacy of the regular recovery tests, the efficiency of the change management procedures and the communication protocols.

The main findings of the review will be shared with market participants and made public by the second quarter of 2021.

The Eurosystem is committed to identifying lessons learned from the recent incidents in full transparency and taking action accordingly in order to continue providing highly efficient and reliable financial market infrastructures to European agents.

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TARGET2 is the leading European platform for processing large-value payments. It is owned and operated by the Eurosystem, which comprises the ECB and the 19 national central banks of the euro area. Central banks and commercial banks can submit payment orders in euro to TARGET2, where they are processed and settled in central bank money, i.e. money held in an account with a central bank. TARGET2 settles payments related to the Eurosystem’s monetary policy operations, as well as bank-to-bank and commercial transactions.

T2S is a platform managed by the Eurosystem that offers harmonised and centralised settlement of securities in central bank money. Currently 20 countries across Europe use T2S.

Communication on incident of 23 October 2020

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?