TARGET 2
The planning of the new centralised TARGET2 system (Trans-European Automated Real-time Gross Settlement Express Transfer System) started as early as 2003. TARGET2 uses a single platform with standardised features that respond to users' needs more closely than the current TARGET system. Also under TARGET2, the national central banks will be responsible for account and business relationships with the financial institutions in their home countries.
The changeover to the new TARGET2 will take places in three migration waves in 2007 and 2008. The Bank of Finland will coordinate its account holders' migration to the single shared platform. According to the migration schedule, the go-live date for Finland will be in February 2008. At the same time, the Bank of Finland will give up its own RTGS system.