Bulgaria's central bank successfully migrated to the new T2 wholesale payment system

The Bulgarian National Bank and the banking community in Bulgaria, together with the Bulgarian ancillary systems for customer payments in euro and for securities settlement (BISERA7-EUR, the Depository for Government Securities at BNB and Central Depository AD) successfully migrated to the new TARGET services platform on 20 March 2023, the Bulgarian National Bank announced.

Yesterday, the Eurosystem successfully launched the new T2 wholesale payment system, which consists of a real-time gross settlement (RTGS) system and a centralised liquidity management facility.

T2 replaces TARGET2 as the new RTGS system, which will settle payments related to Eurosystem monetary policy operations as well as interbank payments and trade transactions. The system will contribute to the harmonisation and improved efficiency of financial markets in Europe.

Since 2010, BNB has operated the TARGET2-BNB national system component of the TARGET2 system.