Again on the T2 teacher's consideration project, so we have a lot of people registered today, again over a thousand people and a thousand people is the max for the live streaming or for the WebEx, sorry, so we are asking some of you to move over to the live stream if possible. You can find the link to the live stream in the chat and there you will go straight to the website and you will come here and we will allow you to ask questions also if you are in the live stream and so it's possible to join both and in order to have the best quality of the event it would be best that some people would be viewing via live stream and just a few practical information before we get going with the actual program of today which is big as you can see here on the screen and so all of you will be muted we do this in order to have the best sound on the on the event today and you will be able to ask questions throughout the day either in the chat if you're connected to the WebEx or you can send emails to our email account which is mip.events at bcb.europa.eu we can also post this one in the chat and so both of the both options are available to you so we hope you will enjoy the event and you know engage as much as possible we will try to pick up as many questions as possible but bear with us if we will miss some so without any further delay so here again quick on the live stream so we really try to push this because it will improve the event for everyone if we have some people viewing the streaming so without any more delay and introduction from my side I will move straight over to Dimitri deputy director general at dcb who will do the the update and the introduction and who is the host today so over to you Dimitri yes good thank you Alina and I hope you hear me well you do yes okay good and and good morning to everyone and and welcome to this focus session on the t2 t2s consolidation well as you mentioned Elin today we have more than one thousand participants who registered for the event of course we are we are delighted with this continued eye interest in those sessions and we hope to make this one I would say as insightful as the previous ones we as you said you have we have established a live streaming and I believe it was mentioned shown on the on the on the slides and it's also on the chat there is also an email address mip.events at ecbu or pa.eu I believe it was also shown or prompted where you could ask where you could send your questions and of course we'll try to answer them as much as we can so our last focus session was before summer so if I recall well it was on the 15th of June and I know that in between a lot of work was done over the summer on all sides and this is probably necessary if we keep in mind that we are actually now 14 months away from the go live date and in this respect your continued efforts and commitments to the project are obviously essential on on the side of the euro system I said a lot of work was done over the summer on the on the side of the euro system we have entered into a testing stage which we call central bank testing it's also the last a testing stage before we enter into the user testing actually early December within the central bank testing the connectivity test was completed what was done the the first step of setting up reference data in the CRDM so the central reference data management was conducted I must say that here we we progressed a bit slower than than expected mainly I would say due to some issues we had with the tooling available but but this is now behind us and actually as we speak that the central banks are fully engaged now into the function testing of the core modules for the central liquidity liquidity management and the FTGS of course in this testing stage incidents are raised that every day sometimes we find defects that's the name of the game and the four CB are doing their best to fix them as quickly as possible and this is the hard work that we do on our side basically to secure the best possible entry conditions for user testing in December if we move to the the next slides on the on the participant side that I will cover a bit the milestones now starting with 2021 tomorrow we enter in Q4 so no surprise that the main milestones or many milestones I would say are behind us already so the the teams what we know is that the teams on your side have been working quite hard mainly on adapting your legacy systems and also testing them and this actually corresponds to the earlier milestones we had this year an obvious area of focus now is the user testing starting on the 1st of December and also the the related preparatory activities here we talk mainly about the connectivity test so the milestone NCO 1 which started early September I hear from the team that many of you have decided to enter as early as possible into such connectivity tests which obviously we welcome because that shows a high degree of readiness and my team will cover that later today later this morning and last but not least from the perspective of your preparing for the the testing we have the milestone IST1 corresponding to the training that the central banks are providing to you and I'm sure you must be in touch with them to book your session moving on to the next year so 2022 I can be quick I believe here obviously we have our launch date our go live dates on the 21st of November 2022 before that we have the connectivity to production which is supposed to take place between May and July we obviously have the end of user testing end of September it's the milestone UTA2 end of September we also have another a set of milestones related to the migration activities and also the operational readiness but I believe we will have other occasions and other focus sessions to cover those milestones in greater detail so for today moving on to the next slide for today on the agenda what do we have I I gave you a quick update on the project after me Jean will provide us with some insights on the activities that you need to complete or to conduct to connect to the platform you will walk us through the connectivity guide which was published a few months ago now there after we will have Maite telling us more about the market readiness or your readiness and she will provide us with an overview of the last reports that was delivered to the market infrastructure board a few weeks ago and she will also give us kind of a prospective view on the future milestones and I believe finally she also have she also has a few figures on the connectivity test that are taking place on your side there after Maite will cover the ISO 22 migration so it will be focusing on the ISO 222 of course it will cover the migration from the perspective of the migration of the T2-T2S consideration to your migration to ISO 222 in the context of the consideration but not only it will also provide us with I believe very insightful information on what happens beyond the consideration so what other market infrastructures have planned to do and I believe that will be quite insightful in this respect maybe one other comment you may remember that at some point in time we had in mind keeping as a contingency measure the possibility to migrate in like for like mode as opposed to the fully fledged which is the base plan in the last session the last info session focus session sorry I told you that the MIB was going to discuss the topic towards the end of June and what I can share with you today although I believe there was sufficient communication that already is that this option to migrate in like for like is now off the table and Maite will cover that when when he steps in for the update on the ISO 222 and last but not least we will have Bobby covering the your preparation for user testing I would say beyond connectivity with this I would I wish you a fruitful event again do not hesitate to raise any questions you may have either via chat or via email and I believe it's now time that I give you back the floor Elin or I don't know directly maybe to Sean for the first content topic I would say thank you thank you Dimitri so we can hand straight over to you Sean good morning everyone and thank you Dimitri for the the introduction so indeed the main question for now is are you ready to connect as we highlighted in the milestones I'm covering that the task that have to be performed between the start of the user testing connectivity testing it started few weeks ago and until November so please keep in mind all those steps have to be completed before end of November before you can start the user testing so besides a few reminder in the introduction I will go through some steps there is nothing new there so the documents are available published I will remind at the end where you can find this information but I have extracted for you some important steps and guides which may trigger some additional questions and I'll be happy to go through those questions I will explain in the in the third part how you can effectively test that you are connected to the target services platform and remind as well in case you would have some issues how to troubleshoot and how we can provide support to those issues so as an introduction in the next slide just a quick reminder we are talking about the user testing connectivity testing so you will hear us sometime use the ut ut ut means user testing and this presentation m's are providing so market participants the information to connect to the target services platform via this new tool that we call the euro system single market infrastructure gateway otherwise called SMIC so we I know we have a lot of acronyms I'll try to remind them from time to time but you will hear about SMIC in that case so the SMIC platform is the single access point to all target services we're talking here about the future t2 t2s tips and ecms specifically for those who are directly connected to the platform meaning the directly connected actors you will see in our documentation indeed the term dicoa directly connected actors also sometimes named or labeled target services actors so I will use indifferently either dicoa or target services actors when referring to those participants who are who have to connect to the platform I will also refer to the network services providers our partners see a cult and swift as nsp's just a quick reminder that the SMIC platform provides the access to both the user to application so where you connect directly to the application for let's say a gooey transaction otherwise called u2a user to application but also the connectivity for the application otherwise called a2a so application to application communication so that's it so I'll try not to use too many acronyms there and to refer to their names but here you have the the landscape and on the next slide I can start guiding through those steps which again you can find at the end you will see an annex the link when we will publish that presentation you will have directly access to the link of those documentation here I'm mostly referring to the target services connectivity guide which is already available on our website so here we are talking about the steps required to connect to the target services platform so remember we are not yet using the software first you need to connect to the platform some of you might be already connected from historical or legacy system via a contract called the license agreement if I'm not mistaken but now we are using the SMIC platform meaning that you need to conduct those steps via the concession contract in order to get access to the target services platform via the SMIC so the first steps that you need to perform is to contact the network service providers you if you haven't done that yet you need to select and sign a contract with nsp or nsp's in order for you to nominate basically the technical contacts as system administrators register them and this is going through the respective nsp's procedures so first thing contract with an nsp nothing can happen without that the next step actually will have to happen between you and your respective central banks because once you have registered with the network service provider we need to identify your party in the system so first step with the network service provider second step with the national central banks here I take the example of t2 because we are talking about the consolidation start of user testing you would be identified either as a payment bank or an ancillary system and again all this configuration happens in the target services software creation of user assignment of privileges linking your certificate and your distinguished names this happens between you and the central banks once this is done so contract with the nsp party setup in crdm you still need to request what is named here those closed group of users cgu subscription this is maintained by the nsp through an electronic form which has to be authorized by the central banks and also the target services operator so contract with the nsp party setup in crdm and then subscription to the closed group of user without that no access to the platform so thank you very much elin on the on the next step and this is another section of the same documents the target services connectivity guide what happens next so you have a contract you need now to install and perform some technical tasks so this requires most likely the involvement of your it department because the target services actor needs to request and install the digital certificates from the nsp's the nsp's from their pki public infrastructure will provide you two types of certificates a type for you to a channel you remember the gree access user to application and those certificates can be installed on smart devices smart card or usb tokens or within your infrastructure on those box black box called hardware security module hsm for the a to a channels it has to go through an hsm so you have no choice for the a to a channels whereas for the u to h channels you have a bit more flexibility here this procedure has to happen between you and the nsp so the procedure will be provided by and the support will be provided by the nsp in order to download installs and check the digital certificate uh just to a quick note maybe it sounds obvious but we are talking about smeak as the single access point technical infrastructure to access all target services therefore the same certificate can be used for all target services via the smeak platform of course the access rights for the different services may be different but for the first step which is connecting you to the target services platform via smeak requires the same certificate again you might be already connected via the legacy license agreement you have still two contracts via the new smeak concession contracts but once you have installed the certificate you would be good to go to tests that you are fully connected so what happens after that's on the next slide uh i mentioned so first step is done you have contracted with the nsp you have installed the digital certificate the next step will happen in the backgrounds and will be covered as part of the also the user testing you will have requested your user the central banks will have a parameter the user in crdm and now you would like to do some tests i have also extracted here from the connectivity guides few examples of what will happen and for you to demonstrate that you are successfully connected to the target services again i make this distinction this is a proof of connectivity it's not yet a proof that you are performing some transaction within the software it's just a proof that you would be connected u2a so u2a remember user to application you have to enter agree and then you will be able to do that by doing the following two cases uh you would be connected to a platform called u test user testing platform so i will refer as u test and there two things can happen either you are not yet configured into the u test platform and you will end up into this landing page for which i have done a screenshot on the right hand side which beautifully says but the authentication check failed but it's still fine because you are not yet configured in your tests but this also means that you have reached the landing page which tells you that which is already a proof that you are connected to the target services platform so it's not good because you cannot start the testing but it's good because it proves that you are connected via ismic to the target services platform if you are already connected and configured into u tests then you will see the landing page with the services so depending on the privilege that are already assigned to you or to the user who is connecting for example it can be a tips access already configure you would have a different landing page displaying the different services that already remember if you reach that screens which says authentication check failed it means that you are connected so this is a good sign on the next slide i take an example for the a to a connectivity so we are not talking about the GUI we are talking about the application connecting to another application via the ismic platform here we have to be cautious because the all the backends modules will be fully deployed before the start of u tests meaning 26 of november for us first of december for the start of u tests nevertheless you can already start testing a subset of messages that can be exchanged with t2 over ismic and there these are the two example that we give as well in the connectivity guides and this is mostly related to the nature of the messages that you will be sending you may remember you have two types of messages that can be exchanged what we call the real-time messages so basically they have to be processed with priority all the so-called store and forward messages that will be placed in the queue and then prioritized by the system what happens if you send so those kind of messages you may receive an admin 007 messages in case of an issue but also you may receive nothing this can happen depending on different factors on the traffic modes on the prioritization it doesn't mean that it is not working but in some cases you won't receive immediately an answer so therefore keep in mind you could receive both the admin 007 but in some cases in case your message is not processed yes you won't have a direct answer therefore on the next slide I remind those those use cases so when will you receive an admin 007 in case you have sent a real-time messages to be processed immediately but for whatever reason it is not processed after the parameter time out which is 40 seconds then it triggers this message and you will say oh I have a time out nevertheless this is a proof that you are connected because you receive the time out message so it went through in case the store and forward message so to be later prioritized has been successfully received you will not receive a message from the system but this is where the second part of the slides comes at hand very handy you have a possibility you have an options which is an option that you have to opt in with the nsp to subscribe to a delivery notification this will inform the target services actors that's the message or the file has been received by the platform so this is also a proof that you are connected if you have subscribed to the delivery notification you will receive from the nsp a message with the digital signature insights with some other fields which are also reminded in the target services connectivity guides saying guys we have taken your message we have forwarded your message to the target services software and you receive these delivery notifications so this is another proof that you would be fully connected nevertheless you could still reach out to the target services target service desk in order to get evidence that your message or file has been received by the target services platform in the next slide I am also reminded how to troubleshoot and support there are various actors and they have to be reached in different cases not news here this is also part of the target services connectivity guide where you will find the contact the first level of support I would say reach out to the nsp first if you want to troubleshoot that you are properly connected this should be the first thing to do check with the nsp that you are properly registered that you have installed properly the certificate that you go through all the network technical services layers security layers before going to the next step in case this is not sufficient you would go via the national service desk of your corresponding or respective central banks in order to continue the troubleshooting this is the first part on the other hand if you want to go a bit further in case of doubts participant should also contact the t2 operator if this is still not sufficient both the nsp and the t2 operator may decide to cooperate and organize a joint teleconference with the central bank of the participant to go one step further in any case let's say the service level agreements of those respective troubleshooting parties so nsp national service desk t2 operator you will find in the user testing terms of reference which is another document which is already available on our website so you will hear maybe later of the ut tour user testing terms of reference and you will find the opening hours basically the nsp would answer 24 seven whereas the national service desk has an extended working hours from seven to nineteen hundreds but you will find the detailed information on that other document called the user testing terms of reference so on the next slide we remind all those documents so the target services connectivity guide from which I extracted most of the content from this morning you will have also the qualified configuration documents which is the mandatory configuration on the endpoint that you have to comply with in order to perform the testing another very important document I mentioned right before which is the user testing terms of reference where you will find the rules of engagement if I may and as well a reminder of the detailed specification of the SMIC platform which will remind you what this platform may provide so as a wrap up if you remember the different steps I was just describing before first the connectivity goes via the nsp a contract needs to be established and then the technical steps needs to be performed with the certificates and the technical connectivity so connecting the pipes then you would go to the central banks to parameter the user and the access and then after you could have your proof of connectivity by performing some few test messages on the next slide and I think I am done indeed I thank you for the attention I will quickly scroll through the questions I think there were some questions in the chat but please feel free to to raise them yeah thank you Sean there were indeed some questions in the chat you can probably also view them but I could maybe read out here one for you so there is there are different people here there's one asking about your u-tests and so the question is if users configure themselves in the u-test or this is set up by someone else like an IT provider or the national central bank or who basically said does this so we have to distinguish there and and thankfully Bobby will correct me so you have to distinguish you have to access first to the u-test platform and this is the first step I was describing that has to be performed with the NSP so there you will access the u-test platform but still you have no access rights to perform no actions in the u-test software so you would have to go through this first step and then contact national central banks in order to set up the users in the u-test platform in order to start using the software so you have to do both first you have to contract with the nsp to get access to the u-test platform and then with the national central banks to have users a load in the u-test software super we have more questions ticking in here now people are waking up Sean so you're not off the hook yet and so there's somebody asking about about hold on let me go through them here so we have one the two nsp's can exchange information regarding the configuration or is it a disclosure can you talk about that let me let me look at the question exchange of informations there I have to be cautious so we are not exchanging of course confidential information in case the participants would decide to go with the two nsp's if I remember correctly they will have to contract with the two nsp's separately because these are different nsp different communication channels and the respective cgu the closed groups or users are maintained and if I'm not mistaken by each nsp so I believe this this I'm not sure that there are all the kind of information that is somehow disclosed but in any case the contractual relationship will be with each nsp and I jump into the next question as well because this is somehow related in case you would have already a certificate from one of the existing nsp here we have to make the distinction and you have to ask yourself did you get your certificate via the old legacy connectivity which was called this license agreement or did you get it already from a new contract which we call the concession contract for ESME you have to have a certificate via the concession contract super so we're getting a lot of questions here there's somebody that would like you to elaborate a bit on what it means that the users have subscribed to a notification service so the the delivery notification is not something that is coming from the software it's coming really from the network service provider so if you want it's a proof of delivery if you look at if I do a correlation with the post services and you have this proof of delivery this is exactly that so you send a message imagine you are in a a to a situation so you have a system in your platform and you want to send a message in the target services platform it's a fire it's not entirely true but imagine a fire and forget so you send the message and then depending on the traffic prioritization you may not get the answer directly from the system let's take imagine a PAX 8 message for a payment before you receive the PAX 002 message can happen a few seconds a few minutes but if you have subscribed to the network service provider delivery notification you send your PAX 8 message and the network service provider will send you this delivery notification and say we have received your PAX 8 PAX 008 message and we have transferred it successfully to the target services platform so it is exactly what it what it says it's a delivery notification it's not a proof that the transaction has been performed successfully it's just an indication that the message has been successfully relayed to the target services super then my questions are flying around here on my screen but there was somebody asking a question about reference data so payment banks and reference data and for the user testing to begin and I think the question is referring to basically who would who sets what up and that's I don't want to spoil a later presentation this is this will be covered by Bobby's presentation so please be patient a little bit more here I'm just covering the first step to connect to the platform and later on on how to have the first proof of connectivity but please be a little bit patient Bobby will explain exactly what has to be performed in order to start the user testing Excellent exactly I think a lot of the questions will be covered in the day so you're all very eager to get all the questions here but we will cover most of it so bear with us for the day and maybe Dimitri speaking there is also a question on the questions and one of the questions is how do we deal with those questions that we would not have covered during the session and I believe that should be also explained. So first of all thank you Dimitri for this so first of all all the presentations will be published after the event what Joan also mentioned before so you will have all the material what we can do is we can go through all the questions that we are receiving and maybe potentially not be able to cover and that were not covered in later presentations and then we can see how to deal with these and potentially publish them under professional use afterwards so that you would have more information after the session as well and so I hope that that clarifies and so I'm wondering if we should maybe move on and then we can keep having a look at the chat and then if there's questions that we feel that we will not cover in later presentations we can pick them up because I believe Sean is with us a little bit longer are you nodding or yes you're nodding very good so we will have a look at the chat but then maybe now we will thank Sean for his presentation and then slowly move on to the next one and see how much we get covered here so thank you Sean very much the next presenter we have with us is Mitre so Mitre I will hand over to you and start sharing the slides again we do not hear you Mitre have you lost us you might have lost Mitre but that's okay we have a lot of other people ready so worst case scenario we will just skip Mitre and come back to Mitre yeah Marek are you there yes I'm here you're here hi there so maybe we skip Mitre and we move on with you and then we come back to Mitre in a minute so let me just move forward here to the correct slides so here we are Marek over to you the doors yours thank you very much thank you Elin so why am I holding an ISO 20.0 to do presentation today I think Dimitri mentioned that the Euro systems central banks are testing already and some of you have connected successfully to ESMIC in time and ISO 20.0 to 2 is a reality isn't it right I want to stress two points today and the first one I think Dimitri already mentioned so I want to emphasize the MIB announcements from July we as community as target community we will migrate fully fledged to ISO 20.0 my second key key message for today is in this endeavor to migrate to ISO 20.0 we are not alone right so we are in very good company and that that is the part of my presentation that will show us a little bit more around our table my name is Marek Kozok I'm part of the T2oT2S consultation project and within there I'm responsible for the ISO 20.0 part so on the next slide I will provide a brief overview of today's session so before entering into the ISO implementation update and how everyone is progressing I will start with explaining our Euro system rationale and motivation to migrate to ISO 20.0 to 2 and refresh our minds on that next I will briefly introduce my definition of the payments industry and then provide an update where we stand within this industry on the ISO 20.0 to 2 migration I will then make a short deep dive into the SWIFTS cross-border payment migration and introduce the terms inflow translation and transaction manager which are quite of relevance for us and finally I will also explain what is this relevance and what is the impact of those two terms on our project so let's start with the why are we migrating to ISO 20.0 to 2 so there are multiple reasons the most important for us as you will know we run multiple services in production today and we plan to deploy more of those services in the future so we have target 2 as an RTGS we have T2S as a security settlement platform as well as tips as an instant payment platform and with ECMS we are entering into the collateral management domain and all those services basically need a common means of communication common language and the ISO 20.0 to 2 is offering this with a common data dictionary across all the business domains so be it securities be it collateral payments the second point why we are interested in ISO 20.0 to 2 particular for payments is that with ISO 20.0 we get rid of old restrictions in terms of network choice as well as in terms of the message regions so I won't go into the detail of this but in a nutshell the core MT payment messages that are used today still today have been specified before my birth right so they are quite limited still for example the remittance information field in the MT messages is shorter than a regular text message and last point and one last motivation not to be forgotten with ISO 20.0 to 2 we implement payment messages in a very harmonized way across the globe so this is one piece of the puzzle in order to ease cross-border payments globally significantly so I will also speak about that a little bit later in the presentation so the next slide will now introduce how the industry is migrating twice or 20.0 to 2 and how it is progressing but before answering the progress question I have broken down the industry into several segments just to make it easier to understand what I'm talking about and where are we in the overall picture so if we look at the payment chain at the top of the slide when a bank A sends a payment via a market infrastructure to bank B then this I call bank 2mi space it's also known many to one space and basically it's what what our project is about so the MI this market infrastructure could be T2 and bank A and bank B could be European market disciplines however you could also replace the MI with CHEPS in the UK or FETWIRE in the US and with the related communities so this segment of the industry actually forms the tip of three layers that I will go through one by one focusing on the bank 2mi segment here the discussion around how messages are used so how those messages will flow and which content they should contain this discussion is taking place in the high value payments system plus market practice group usually and that's also the group on which basis our T2 messages are defined so in this industry segment also the individual market infrastructure racial plans are of relevance again that we have a slide on that so the next slide introduced now the second layer of the industry here again we start from the payment chain if bank C is actually sending a payment to bank A that is then forwarded via the market infrastructure to bank B and that is again forwarded to bank D at the end of the chain that falls for me into the bank to bank domain it's also known as the many to many space or correspondent banking space and yeah this is the second layer of that of the pyramid and to to draw an analogy to the previous slide here the discussions are taking place in the so-called CVPR plus the cross-border payments are reporting plus group and here the messages that are being exchanged between bank C and for example bank A are being discussed most dominant here is Swift as they are actually offering the network on which the cross-border payments or the payments are being exchanged between correspondents so here the migration plan of Swift and the coexistence phase that will commence in November 2022 fall for under this then with the next slide I'm introducing the final piece of the industry that from my perspective is not to be forgotten right because this forms actually the biggest user group of payment messages and starting again from the payment chain you see that that we have on the left hand side a corporate A that is actually initiating a payment with bank C and on the other side there's the bank D who is then finally crediting a corporate on the other side so this part of the industry I called corporate to bank and this is the discussion around the message usage here which is predominantly iso 20 is done the CGI group the common global implementation market practice group and yes as I mentioned here we look at the payment initiation from the communication between a bank and its clients between you and your clients and again here I want to draw some attention on recent developments so now that we have defined those three layers I'm basically reusing this to structure the rest of the presentation and I will start with the tip of the iceberg with the bank 2mi update so on the next slide basically here we can observe on the right hand side then more and more market infrastructure are announcing migration chance and they are doing that globally right so the the PMPG the payments market practice group has actually collected all those initiatives in an access spreadsheet that that is linked in this presentation and just to give you an impression I think there are over 40 different activities going on in various markets and you can see on the diagram that it's not a regional exercise it's really global regardless if it's mayor if it is a pack that is the americas everywhere across the globe the market infrastructures are considering to migrate to iso 2022 with different migration approaches that are also visualized here and that I will will drill into a little bit later but there's a strong move into that direction and that is going to be even increased so the amount I would I would bet on it that the amount of market infrastructure moving to iso 2022 will increase within the next couple of years what you also can see on that on that slide is that some of the market infrastructure have actually already migrated to iso 2022 and they are using it in production and here I would like to highlight the swiss who basically are using iso 2022 payment messages in some time but they are using it in a maintenance release version of 2009 and due to the to the harmonization efforts across across the globe and due to the more recent migration plans of other market infrastructures they are now considering to upgrade or to take the opportunity to upgrade to a new maintenance version maintenance version 2019 in 2022 so yeah and with this new version they will be actually able to use further enhanced elements within the iso 2022 payment message like for example the UTR or the ADI the maintenance version 2019 just as a side note is also the version which we have selected with the t2 go live in and number 2022 and this is also the base version that most of the other market infrastructure are selecting in their implementation so on the next slide I will now go a little bit more into the migration approaches or modes that that you can see in the diagram and explain a little bit about that so broadly speaking there are two different migration approaches that you that you can observe and so we have the like for like and we have the fully fledged approach so what does like for like mean like for like basically just maps the existing fin message and its fields like for like or in a one to one fashion where possible to the new iso 2022 passage elements so it sounds easy but to be honest we have we have tried this exercise and the devil is in a detail so it may not be as easy as it as it sounds in the first then on the second or basically the second approach is the fully fledged approach which allows the the users or the market participants to make use of the enhanced iso 2022 elements compared to the current fin and team messages so here we have structured address information or structured remittance information just as an example just to recap or to to remind everyone the like for like approach was rejected by the european market back in 2015 we as euro system intended to implement iso 2022 in a like for like fashion already then but we we received the feedback a very strong feedback from the market that fully fledged iso 2022 is the only way how we can as banks achieve the expected benefit within migration of a standard so as mentioned t2 will support iso 2022 fully fledged from the start last but not least i think on the previous slide it was mentioned that there is a coexistence sometimes possible with some mi's and what that means is that during this phase the mi allows actually to send fin and team messages and iso 2022 messages in error however the caveat here is again that if you send an iso 2022 message during the coexistence phase this will be limited to a like for like content so to the to the content that a regular payment and team message can contain so on the next slide i will i will briefly introduce a recent initiative of the group of 20 that is actually fueling the iso 2022 migration in the bank to mi states so as a brief introduction right this is a this is a huge endeavor but just to summarize very briefly and crispy the group of 20 made enhancing cross-border payments a priority some years ago and the aim of of that of that endeavor is to basically make cross-border payments faster cheaper more transparent more inclusive and that that endeavor shall basically be implemented i think in a time frame of 2025 to 2027 so g20 expects widespread benefits from that from that initiative and this is not just contained to to wholesale payments or to high value payments but it's looking a little bit broader it also looks at retail right so the the fsp and the cpm i have been tasked to develop a roadmap and that they have done in october 2020 and within this roadmap to achieve those targets become faster cheaper and so on they have defined five focus areas and one of these focus areas is actually one that i would like to highlight on the next slide so you see on the left hand side all five areas but primarily important for this audience right now is focus area d and it deals with data and market practice and the most important building block of that of that focus area is building block 14 and that actually talks about harmonization of cross-border payments by the usage of iso 2022 and why am i mentioning this i think from from our target perspective um roughly 30 percent of all our volumes are actually cross-border payments or i have a cross-border leg out and we are well positioned compared to this to this g20 initiative as we are going to migrate already in 2022 to iso 2022 so just just to highlight once again the g20 means it really seriously so c focus rmb for example is dealing with the regulatory support of that initiative as part of the roadmap so also regulator supervisors as well as overseers will be approached with these initiatives and will be asked for support in order to make it happen and basically therefore i also see the the possibility that more market infrastructures than they are so far that they have announced their iso migration plans will actually adopt iso 2022 natively in their market infrastructure systems so now i will move away from the bank to mi area to the bank to bank business on the next slide so here's some some good news um so what what is happening in the bank to bank domain or the correspondent banking world um uh we we contacted swift and they they confirmed that the project is on track on the swift side and they provided us with some insights on on their awareness program and as you can see in the pie chart on the right hand side uh yeah the majority of the 11 000 swift clients that are active in that area um is actually aware of the iso 2022 adoption program of swift um yeah so as of september over 90 percent uh we're actually aware and i think that's worth a thumbs up uh that's that's a huge endeavor um but slowly swift is now shifting its focus from just creating awareness uh to the testing and the implementation um of that coexistence and uh one important part of of that adoption plan will be available for community testing already in a couple of weeks from now um so the inflow translation um has already been successfully tested by some pilot clients by some selected market participants back in june but it will be available for the broader community already in november this year uh so that they can use the inflow translation on the swift interfaces another important part of of swift's new strategy which which they deploy together with the migration to iso 2022 is the transaction manager and again here this is to be available for testing in early next year or next year um to to summarize a little bit up until now um we see a lot of movement and we see a lot of awareness and and we see that on the market to bank to market infrastructure as well as in the bank to bank segment so but does that somehow influence also the the corporate to bank side so on that i will talk on the next slide and um yeah basically here on the corporate to bank there's also an update there's also movement yeah um so earlier this year the CGI that i have introduced briefly before um decided to move to maintenance release version 2019 so similar like the swiss upgrading the the message version that they have implemented also CGI is doing the same for the payment initiation and this is a quite important uh step as this aligns basically the corporate to bank bank to mi bank to bank space uh with each other on a on a stable version and this allows uh information flows end to end without any any loss of information um for the CGI community um as as they were using already iso 2022 the upgrade also has some advantages right so the new version contains um also some some new new elements which are of quite good use for them which is for example the dedicated uetr element that allows them to track the payment initiations throughout the payment chain as well as the introduction of lei elements in the payment initiation for to facilitate a compliance result so this brings me now to the end of the of the industry update as you can see there's a lot of movement across all the three industry layers and you see that those industry layers are somehow interconnecting um and the the approaches are converging with the iso 2022 migration um now i will focus on the two aspects which have an impact on t2 t2 s consideration uh now so as you can see um on that on that slide uh the first one is the inflow translation so i'm going back to the correspondent banking or bank to bank word and uh i want to to answer the question what what is inflow transaction translation and why is it important to us so inflow translation uh is actually built into fin plus it's the network layer that swift offers to exchange uh the bank the messages between correspondent banks and it will be switched on by default uh once it comes into production in in 2022 and for us it's a key enabler for the interoperability um and allows us to send enhanced payments to counterparts in market which are still on the on the old messages and that can happen without the the fear that the sender so the ones who are actually already on iso 2022 have to truncate something and have to uh have to communicate via different means that additional information is contained in the messages so looking at the at the upper diagram on the right hand side you see a typical flow of iso 2022 messages between two iso 2022 users yeah so this uh this could be between uh two banks which have already migrated from a market infrastructure perspective onto iso 2022 the lower diagram i think this is more more relevant now it shows how an iso 2022 user can actually send this enhanced iso 2022 message to an empty user who is still on infinity and uh what will happen is that the enhanced information that is sent in the iso 2022 message will be kept in a multi-format message uh that is being uh submitted to the to the receiver of that message and the xml part that the receiver receives can be used for example for AML or sanctioned screening and whereas the mt part there will be a translation inflow there will be a translation of the xml to the mt this can be used to feed back end systems that are still running on the legacy infinity messages as mentioned finally the the default switch on will take place in november however the software itself will be in production already by mid of next year so let's look at the second aspect which might have an impact which is the transaction manager so the transaction manager is actually a key key part of swift through strategy and it sits on top of in plus and the inflow translation so that's depicted in the in the chart to visualize that a little bit and based on the so-called transaction copy it will offer many value added services to the swift clients i won't go into that that is rather our swift to to the information here but what is important for us is that the transaction manager activation plan has been revised and it has been revised because of a quite interesting interesting fact and questionnaire across the future users of the transaction manager revealed that already at the start of the coexistence phase already as of november next year already very high iso 20 oh two two message volumes i expected so there's there's a huge pickup of of the banking colleagues in the iso 20 oh two two messages and they want basically to be ready as of of the start and intend to send iso 20 oh two two messages very early in the coexistence phase so um there there had to be an gradual buildup of volumes transaction manager and that will commence with november 20 and will start with enhanced iso 20 messages so messages containing enhanced information this will be basically fed into the transaction manager in the first place and other message types will follow until mid of 2023 so this allows basically to to access this enhanced information for counterparts not only via this multi-format message but also via apis and i think this is a channel that is being propagated by some other market infrastructure quite deeply so the next slides now will will basically summarize what that means to us so first the on on inflow translation the decoupling of inflow translation and the transaction manager go live made this like for like fallback solution that we had in mind from a your system perspective made it obsolete so that led also to the to the newsflash that you see on the right hand side as well as to Dimitri's introduction and also the inflow translation will be made available earlier than expected in production so by august you can with an opt-in you can as a bank already sent with other banks that have opted in to receive iso 20 messages you can already exchange correspondent banking messages in the production environment so this can be really a reproduction volumes or it could be used for for penny respectively in europe we call it send tests to really try out the new message type and and how it is working with your infrastructures and once again on the transaction manager side this this questionnaire really highlighted that the swift community is really ready to adopt iso 20 and i think this is a huge support for our collective decision to invest in iso 20 at the gradual buildup of the transaction manager volumes ensures also that we don't see any friendly fire from from that end during our migration and at the end of the day this is de-risking our single day implementation in november 2022 so with that i will come to my final slide of the presentation and i will briefly wrap up um so to close the circle um once again a brief summary of this double meaning of the presentation title a full implementation of iso 20 it can have or it has two different meanings for me so the first one is um that we we see uh that that we as a community are migrating in a fully fledged fashion to iso 20 or 22 on november 2022 and the good news is there's no threat of like like animal and secondly food can also mean that the whole industry is on a transformation journey current so regardless of which of the three layers all the pieces of the puzzle seem to fall into place and uh yeah everyone in the payments industry is working actively and very constructively i have to say on the full migration twice so that actually brings me to the to the end of the presentation so thank you for your attention and back to you thank you marik it's super interesting we have a few very technical questions coming in so maybe it's better we take those offline at a later stage but that's that's a good sign right so people are asking technical questions it means they are in the middle of it i really appreciate that exactly super there is one asking about the c to b space and yes and if we have defined milestones here but i guess that's not really in scope here or can you say something marik i i cannot contribute too much it's it's an activity that the cgi is actually fostering and i think the working group one is the one looking at that upgrade of the iso 20 or 22 version into detail and uh yeah i provided some some links in the presentation where you can actually reach out to those to those market practice groups that are very active and they are also quite open for questions from the market and hopefully we'll also be able to give much more detail to my knowledge there's also a presentation available on that subject from cgi and and we can potentially in the faq we can provide a link to that terrific marik we have one talking about the translation of mt and mx messages can you say a little bit about this is that still possible or is that not going to be possible so using a translation mechanism yeah so uh yes there is the translation and there's the the out of the box inflow translation that that i have presented um but just to caveat on that right the the the translation can only translate something one to one right if we are using enhanced messages that contain more information or more structured information there is a risk that some information is lost in the mt message right so it has to be truncated and it really delivers certainly in the multi-format message to the receiver but if somebody is intending just to implement a translator solution this is not the end game right this will always have some deficiencies and therefore i would always be careful with using pure translation services so terrific thank you marik i think we will let you go and then take the last questions offline and i have one very broad question coming in here via email also i think we should answer that dimitri are you still with us and maybe you want to you want to answer this question so it's basically asking about uh generally about the target to a platform in the future and it's asking if there are any plans for non euro currency to connect to t2 in the future do dimitri do you maybe want to say a little bit on this yes indeed i'm i'm i'm i'm i'm i'm still following the end of session on the way yes indeed non euro currencies i mean maybe the question is triggered by some announcement made a few days ago by the riggs bank so the swedish central bank that their board has taken the decision recently to um that that on the longer term they would be using the target service so it's not for in the horizon between now and the consideration is delivered obviously but it will come at a later point in time so there was an announcement well as you know um the the the swedish riggs bank so the riggs bank will be uh onboarding on tips uh mid of next year actually may of next year that's already uh ongoing uh but the announcement was for t2s and for t2 on the longer run so probably in in in a few years from now we have the same for the danish krona so danish krona as some of you may know is already settling or having security settlement or supporting security settlement in t2s in target two securities but they have also made an announcement that they would onboard for tips and for t2 so yes there is there is a good evolution in that respect and the likelihood of having more currencies uh a non-euro settlement on on our target services is there indeed thank you very much probably uh elin there is probably more to come but it's still still something we cannot announce of course yeah the question goes beyond that is asking also about british pounds and us dollars but let's wait for that a little bit but that is that has more to do then with our interoperability than onboarding uh the target services but that's another question that's another question we wait with that we keep it open okay excellent so thank you very much debitri so we have mitre back i see here so mitre so over to you and i will bring back the slides but give you the floor let's see if we have a sound on you yes hi good morning to everyone thank you elin sorry but it seems that my laptop decided to reboot itself just when i was going to unmute myself earlier so i hope that it will pass the connectivity test on time still we still have time to put the connectivity but it also shows the importance of being prepared and test and have contingency uh contingency procedures indeed and so this part of the agenda if you can uh share the slides elin thank you so this part of the agenda is is to explain a little bit what is the status of the market readiness for the consolidation project no not these slides i'm just coming back to you hold on mitre hold on technical issues oh no sorry we're too far down hold on here we are there you go over to you mitre okay and so as you know because i assume that also participants a lot of participants have that are already present have answered our questionnaires um and are answering them regularly we had our last reporting cycle for q1 in uh if you can yeah in q1 for which we have a cut of date of end of June and there as usual we recompile information from the central banks from the closely monitored participants and the regularly monitored participants in general on the confidence level to go live in november 2022 and but we also recompile as shown in the next slide information about specific milestones specific information for the completion of the milestones for central banks and also closely monitored participants in this last cycle that ended end of June there were four milestones for central banks included and two milestones for participants the milestones for the central banks if we look at them in chronological order were mainly related to the start and the end of the network connectivity test so this connectivity test run from the beginning of april until the end of may and also for the testing of internal applications completed by the end of april that means that they could start after having tested their internal applications and having tested the connectivity central banks can start proper central bank testing activities beginning of June and then for the participants there were only two milestones as we said both on the same date by the end of the quarter in June one related to the connectivity they should have had contracted their network service provider and also the other not related to the network that is related to software development is that all the adaptations for the changes to the new required for the new new system should have been completed by the end of June as well we have also recompiling information of previous milestones in case they were still pending for for completion and also in this round we ask about the confidence level to complete the milestones in q3 so that's why i can also give you a little bit of what was the impression by the end of June on on the completion of of the q3 milestones as well for this year so you can see in the dashboard on the next slide the situation for central banks they are all represented as different columns the situation in June was that the most of the central banks considered themselves ready to migrate on time for november 2022 and only seven of them had identified risk that could be overcome but nevertheless mitigation measures were needed to be applied on the specific milestones themselves all central banks had completed the connectivity by by the end of may and also although not all of them had completed the testing of internal application by the end of april they are already they were already testing by beginning of June the interactions with the platform so that means that they are parallelizing activities but that they can progress and start the cbt perfectly on time and you see here we had one case of a slow two cases in fact of a later start but in all central banks are testing now full speed and have been doing so also over the summer so i would say the central bank readiness is is quite high and and full activity in the cbt as we can observe and also for the follow as Dimitri was mentioning for the following up of the incidents and and pbi so it's really a huge workload here but progressing i would say as as as plan if we move to the next slide for the regularly monitored participants and the closely monitored participants and also the first row shows the the assessment of the central banks as for the status of their community again the situation here is mostly green only eight seven sorry communities have identified risk but nevertheless this risk can be overcome this is as communities but also if we go to the closely monitored participants and regularly monitored participants as individual institutions for the closely monitored participants there are no close there are no participants in red and also for the regularly monitored participants only a small portion is read in one specific community for one case but in in general overall the situation is is green with some participants in yellow so this was the situation by the end of June and then on the question if we move to the next slide on the question on the prospects for the upcoming milestones we asked to the closely monitored participants how they where they how they they were assessing their readiness as to complete the milestone for the testing of internal applications completed by the end of of almost you see we have only in a minor proportion of closely monitored participants that were decoding themselves as a prospect right but the rest still are confident to complete on time and we're confident to complete on time for the central funds we ask for for the completion of the milestone by the end of November on CBT testing central bank testing activities completed and as you see also no red flag was was shown for this milestone so overall the situation is more green even than yellow and this is what we need to assess now in the next reporting cycle if these prospects were were right and if we if we can really count on a full preparation of of the community so if we move to the next slide we will ask the participants now for the cut of the today because it's the end of the quarter and the completion of the milestone assessment on three milestones the testing of the internal application completed as I said by the end of August and also the start of the training the start of the training for their staff should also have started by beginning of September since you know the functional test the UT as Bobby is going to explain later starts by beginning of December so this these two two three months should allow participants to to complete their internal training as the middle was explaining we expect as well a huge peak of connectivity now in the months of September October and you know in the here we have included the figure of more than seven thousand messages that have been received since the beginning of September only to test connectivity because only a limited number of message types are available to test the connectivity but even so we can see also a broad participation for a lot of communities so it's not only concentrated in in in one community or in one specific participants but a lot of participants have successfully already completed the test and as I said the the platform is fully ready to receive these messages and and and process them and and also we see a lot of activity on the participant side both from Swift and CI users so there are no no problems in in any of these NSPs and and all the connectivity is up and running and and then so on my side I think that the last slide it's covering just a little bit of information on where you can find you can find training materials the NCBs are organizing and executing training sessions as well and they are preparing specific training material for the different communities they they are using some common common materials but they are also preparing their own for the respective communities and they are also organizing additional events and QA Q&A sessions specific for sessions on national level and we have a list of all these national events and that can be found on the ECB side so you can register on with your NCB and really attend these sessions now in order to complete the training on time so this is all on my side I don't know if there are we have questions on the top yes but I think the chat is a little bit delayed so we're getting all the questions here for somebody I'm going to throw in a question that also received by email so we're getting a lot of different channels coming in I'm going to post a question and then see what who of you will pick it up okay so we're having a question about inflow translation and if this is possible if all parties are connected with the same NSP or also if it's different NSPs this this is maybe a question more from Marek I think yeah I mean Marek is right below you I see him so maybe you want to pick it up Marek for sure thank you for that question so just just to bring that question into perspective inflow translation is a service that is offered by SWIFT right and it's offered for the correspondent banking word so the bank-to-bank exchange of messages and therefore I think what is relevant there is the connection to SWIFT as you as a correspondent bank would send to another correspondent bank in your network and ISO 2002 payment message that is then being converted into multi-format if you want it if you don't want it you can get the native ISO 2002 message so just to place it this is just available from a SWIFT perspective we go back to the T2 T2S consolidation project and we let's say RTGS renewal that we are doing from our side we will always send or if we receive a payment message we will always provide an ISO 2002 payment message to the receiver so our market participants have to be in the position to accept ISO 2002 messages there is no inflow translation available from a hero system side right so we as a market move completely to ISO 2002 in the communication between the bank and the market infrastructure T2 as well as between T2 and the bank that is receiving the payment just to highlight that thank you Marek for answering that I see we also have a question coming in about delays we don't like that so basically people are asking what if they are delayed are we going to find them a sanction people if they are delayed in their in their connection we've had a similar question before coming up like what if I'm not ready how you know what's going to happen so maybe I can take that one you know that the the sanction will come naturally it's not as simple it means that those who are not ready will actually no longer have the possibility to send messages directly at least to the platform because the platform will only speak ISO 2002 and if someone is not ready there is basically a technical impediment to connect to the platform so that entity would need to find alternative ways to continue interacting with the platform so there is no fine plan for that because there is no need for it I mean the sanction will come from no longer being able to to to send messages to to to the our target services thank you that was very clear Dimitri and Sean so I see you're still here we have a question from you coming in and so we're going back a little bit to the you tests again so somebody got worried about that one and and it's a bit on the on the user setup for the party administrator so I think the question is basically referring to who sets up the users for this you tests and I've seen some movement in the chat from Bobby who will also cover that in his part of the presentation excellent so we hope it a little bit more on that one super thank you for that and good I think so mitre on your side it looks good so you are very clear no questions for you yet but we never know it seems we're having a little bit of a delay of the questions coming in so it's great to see that you all stay connected because then we can pick them up as we move on so maybe we say thank you to mitre and then we will move on to the last presentation which is Bobby so now he will be able to answer all the questions that are in the chat and we're not answered but before but hold on and then over to you Bobby and I will turn on the slides again thank you hi everyone thank you very much for staying with us this long and what I'd like to do Ellen if it's okay I'd like to take actually a couple of the questions that were put in the chat I'd like to take them first and then we could move on to the slide if that's okay yeah that's absolutely fine please go ahead okay so there was a there was a question from George hello what about u2a testing and now George maybe you missed the beginning of the presentation but in John's slide he dealt extensively with this and especially about reaching the landing page so I presume you mean u2a connectivity testing and if you mean u2a testing then I'll go into that uh in the in the in the next one there was a question from Sarah as a participant we only require a2a for inward camp 53 so for this one Sarah I would say you're mainly a u2a user and you could try to get as far as you can in your a2a connectivity now and then you could perhaps just wait until user testing begins subscribe to the camp 53 and see if it comes at the beginning of your of your user testing and this would this would prove that you you are able to receive the message this is only would be for only particular participants like you this is not a an advice to anyone who was a generating a2a traffic or who is a big a2a user this would not be a solution for them in any way yeah and then I would go to the question of there was a as big not possible when we use remote gateway I think this is a question for your for your nsp for your or for for it's not for for us I'm afraid and user testing to begin I will go through that one registration form I will go through that one and the one about the the the t2s community this is um sorry not for this not for this forum I'm afraid Yolanta and Jean referred to being set up a new test we will deal with this there was a question from Charlie that caught my eye is my understanding correct that a2a cannot be tested before 26th of November this is completely incorrect please everyone just be clear that the a2a that are kind of connectivity testing began on the 1st of September and our user testing begins on the 1st of December if you are going to start testing a2a on the 26th of November you are most likely going to not prove connectivity before the 1st of December and you will be losing some testing time so please begin your a2a connectivity testing if you haven't done so please begin it immediately you know but this is um this question caught my eye as this is a this is a not a correct understanding um let's see is there anything else there are other questions about this the connectivity testing that we will we can answer you all in the in the q and a I think afterwards um just check and see anything else that I could quickly uh yes again about being set up a new test I will deal with this and uh let's have a look here rollback plan we will discuss this um in the in the in the presentation and a a2a test defect concerning okay so I'll move on now to the presentation and we will answer all of the other ones some will be will be will be done in this presentation and others will be will be dealt with in when we answer the q and a for you guys so um in the overview you can see I'm going to look at the current status I'm going to look at the organization of user testing we have some documentation we have the the process of the registration migration testing will take place we have other specific testing campaigns I will go through the mandatory test cases and we will look of course at our upcoming milestones so if we move to the next slide we can see that we are at the key milestones everyone should now have tested their internal system and be ready to connect them to the t2 test environment the u test this is the completion of the consolidation milestone iad iad iad 8 participants have also commenced connectivity testing since the first of september so we are moving and of course user testing begins on the first of december and you should now be preparing to fill out the registration form there will be more about this later so the next months of preparation we have two more months and this will form the groundwork for a successful start to user testing and now we look into the preparation so the user testing itself user testing is a stage in the development of the system which allows the user to test in an environment as close to production as possible so this is a very important point that I would like to make uh what we offer you here is our u test environment this is really you know all of all of us who have worked in testing or who have worked in projects you know what it's like to have test boxes and to have stops and drivers and all of these things but what we offer you is you know end to end testing we offer you a production like environment you you will have all of the functionality that is available in production and the non-functional aspects of our u test environment are also very very good they are I mean they are they are excellent so you will be able to connect and you will be able to to use these 11 months of testing that we provide you and it's key that you use all of these 11 months it's key that you you use the offer that we have for you of this this very very good test environment so user testing as you can see is split into three phases we are now in connectivity and then later comes community and business day so we can have a look at that so you can see during the stages of community testing and the business day testing the participants can test the system end to end with the support of the euro system so of course we here in the euro system are here to help you and at first instance your NCB the national service desk is the place to go we will during user user testing we will carry out migration migration testing these are our migration weekend rehearsals migration dress rehearsals these are all in our planning and we will discuss them further down in this presentation we have also operational testing for example we have tests which involve sometimes maybe one of the services might be delayed and we might have to delay the change of business day something like that we prepare for this we test these scenarios so the people know what happens when such scenarios might occur and then we have the contingency procedures so as you know as one of the participants or one of the one of our participants asked in the chat about rollback procedure we have a list of contingency procedures and for example one of them is it's called the CSPM or to this is the where the participant cannot create their own reference data for some reason during our pre-migration you might not be able to access the system and create your own reference data perhaps you know there can be numerous reasons this might occur and in this case we have where the NCB could act on your behalf and perform this and then when later when you're reconnected you can continue but this is for example one of the contingencies that we foresee yeah and you can you can see that we will be testing these during the the testing period and then the testing campaigns that will be carried out I'll go into that in the next slides so then in documentation and Jean went through quite a bit about the documentation for you it's all available in payments markets t2 t2s consolidation and for professional use and there is of course a large amount of documentation there three of the newer ones and the key ones for our user testing to allow you to prepare the user testing terms of reference as as Jean called it the terms of engagement it's the Bible it's the rule book where you know how to interact with others in the environment how you will collaborate with each other and how if an incident occurs you would log it how you would raise it and then how would you you would get feedback on this incident so this is a very important document I presume you all have read it if you have not please immediately click immediately download and immediately read then we have the the t2 mandatory test cases these were released in July these test cases are also I'm going to go into them a little bit further in the in in this slide so then we have the registration and onboarding guide another very important very important document and I will also go into this in a further slide all right registration so as I said we produced the registration guide so firstly as Jean also said you know participants will register for the test and production environments by filling in the registration form the guide contains a description of every reference data field in the crdm so this means that when you come in the crdm to a to a field and you don't know what it is you can consult the udfs of course you can consult the uhb but also you can consult the registration guide where we have gone drilled down maybe into a little bit more detail of what it means at a business level if you if you fill in this field and the other fields that this is perhaps linked to so what we're asking you to do is to prepare for filling out the form by reading the guide and then identify for yourself to reference data there must be applied to each field for you yeah and then the the guide will explain the configuration that can be done by you so as we said the the the form is submitted to the ncb and then the the ncb will configure a large amount of reference data for you in the crdm but then we also the next steps for what you can do what you configure for yourselves is also explained yeah in the guide and then also in the in the in the various other documentation so the the only question here is when will you receive the registration form the registration form has been um sorry i see a question will the guide be available the guide is on the site and now um but of course we will send you all the links yeah and the the the the the registration form itself is being delivered to you all next week the reason for the delay on this form was because it is actually in two parts it has a back end and a front end and we configured the front end in visual basic that allows you to fill in the form and it what it does is it helps you to to fill the form incorrectly and what we decided was that we would take an extra bit of time to create this visual visual basic basic front end in order that um it would lead to less back and forth between the ncb and yourselves if you fill in the form once and then you send it to them and then they say they have to return it to you and say no this field and that field in the in the front end of the reference data of the reference uh the the the registration form in the front end we have pop-up messages we have uh validations we have conditions that allows you to fill in the form really as best as as it can possibly be done so this is why we have been taking a little bit of time to release the form but it will be released to you all uh next week we're almost there we have a one or two little glitches in the visual basic to to to iron out but nonetheless the form is coming to you but in the meantime please as I said read the registration guide identify the reference data and then when the time comes the the front end of the form will also help you and this will allow you to send if you like the best version of the registration form to your ncb that you possibly can and the deadline for provision of the form will be provided to you by your ncb each ncb will decide this okay great so now we move on to migration testing so um you know during our user testing period we will rehearse the activities of the go live in a set of rehearsals so as you know the go live is made up of uh these uh premigration and migration so the reference data setup activities will be rehearsed in a series of tests known as the premigration rehearsals now maybe somebody is looking at the planning and they're saying bobby what are you talking about rehearsals we only have one and this is true there is only one in the u test but we as uh as the euro system we have already practiced these premigration rehearsal and we are ready now to to host if you like the next one uh with you together uh so this is why we we we we have done it and now we will be able to do it with you uh then the the activities related to the go live date itself so this is the cut over from target 2 to t2 and the connection of the other target services a very important point will be tested in the migration rehearsals and then of course uh the assistance of your the participants will be required and this is uh you know a very important point uh the ncb will coordinate these activities for example for you very important point is you know you check your balance in target 2 and you check your balance in t2 to make sure that they're the same on the on the on the go live date and then on the go live evening there may be a case where you may want to perform some liquidity transfers you know a possibility you may want to transfer from clm to your rtgs account or you may want to transfer to the other target services to tips and to t2s so this is um this is an important part of your participation in the go live weekend and we will test this in the migration rehearsal okay so then the migration rehearsals here they are the 28th of march 2022 we will have we will begin the migration uh migration weekend uh this is a sorry this one is a typo here it's a migration weekend rehearsal this is my fault uh on the 28th of march and what a migration weekend rehearsal is is it's not doesn't take place on the weekend it takes place during the week and we will just work from nine to five every day to following the plan but then at five we down tools and we reconvene at nine o'clock the next morning so this is a migration weekend rehearsal apologies for my my typo there then on the eighth of july we have the migration weekend dress rehearsal and this of course is uh the migration weekend dress rehearsal this is a very important one on the eighth of july because it allows us to not only test with you together the the the plan as it as it takes place over the weekend but also we will be connecting the we'll be interconnecting the other target services tips and t2s in the test environments and the operational day will be aligned between all of these services and this is a very good approximation of what will happen on the real go live weekend so this is a very important test on the eighth of july so then uh on the 23rd of september we have another uh migration weekend dress rehearsal this one um will once again follow the playbook of the the go live we will once again rehearse all of the activities uh exactly as they are in the and in the on the weekend but also we have an added element we have uh on the go live we have the deployment of a very large uh of a very large uh release in in t2s and this is the release six dot two and on the 23rd of september we will be able to to also carry out the the deployment of this release in the u test in the in the t2s u test environment which of course is connected to the t2 u test environment so this is also something that allows us to approximate to to come very close to what will happen on the production weekend and it's a very important step um for the the success of the of the migration weekend or of our ability to know how successful we will be to go live and then on the 15th of october as you know we are uh we're central bankers and we are you know risk averse so we have kept the option open on the 15th of october to host another migration weekend rehearsal should there be a need if there was maybe uh if there was maybe some aspects that we wanted to to retest in the migration or something like this but it's in the calendar and we hold this option open okay so now maybe we could drill down into the testing campaigns that we will have and uh these are just a few of the testing campaigns that will be we will be organizing during the the during the user testing the during the user testing period so uh these are the specific ones billing very important one ensuring that all billable items are created so we have as you know there's a long list of the the billable items and we will want to recreate these in the test environment and then ensure that they're reflected accurately in the invoice and ensure that the invoices are correctly delivered so what we will do during this period is we will probably um we will definitely uh the as you know the billing period is monthly in the target services but what we can do in the test environment is we can reconfigure and we can create a weekly billing period and this will allow us then to to have a good billing testing campaign where we will have regular invoices and we can check to see that all of the available items are there and also the any manual corrections that are made also appear on the invoice for ancillary systems we will also have a specific ancillary system testing campaign this will be I think this is penciled in for for July and it will ensure that the ancillary systems are able to test their own use cases under production like conditions now this is an ancillary system dedicated campaign it does not mean that the ancillary systems cannot test any other time of course but what we would like is for the ancillary systems to to prepare or work towards this this particular period so that we can we can all test together and then we could see if there are any incidents raised or something like that that we might need to look at and then for volume testing so volume testing of course is something which is very important for for as a as a as a non-functional aspect but also for us as the Euro system we are of course making sure that our production environment is configured for the traffic that it needs to to be configured for for very large amounts of payments europe-wide and that is not what i'm talking about here what i'm talking about here is that we would offer you as participants who wish to send some traffic to us perhaps you would like to send a thousand messages or something like that and receive x amount of messages back to spending depending on your subscription and this would allow you to see to test your internal system and to see how it behaves when it receives a large amount of traffic from us so this is something that you could coordinate with your ncb let them know yes we're interested in this we'd like to send x amount of messages they would then talk to the the service desk and we could give you a time slot where you could carry out such a test so this is something that we also offer you and is a good a good non-functional aspect i think okay so then we have the mandatory test cases so the euro system has devised a set of mandatory test cases for participants these are broken down if you like into the the clm account holders have to perform set of cases the rtgs account holders and then the ancillary systems and the settlement banks and of course if you are all three then you must do all of these mandatory test cases we ask you to perform these tests successfully and then to submit the evidence of the successful test to your ncb so this is um very important successful performance of these tests is mandatory in order to be allowed to go live in production yeah so you can uh you can see that these are a very important part of user testing uh the euro system will provide a dedicated slot in the testing calendar for performance of these tests and participants are advised not to leave it too late so what i mean here is you know this will be a slot we would say to you this is a good time to perform your mandatory tests if you want to perform them before this slot in the calendar there will be no problem at all we will be delighted also if you send them a little bit later it won't be the end of the world but please do not leave it too late please do not be trying to complete these mandatory tests next november that is uh not advised and then uh just a note about the cases themselves this is not an exhaustive set of test cases and in some cases the national banks have added further authorization test cases to this test suite so please consult with your ncb ask them if this test or a set of mandatory cases is enough for your market and then um maybe they will they will uh say that no there's also a further set of what's what are known as authorization test cases now this is very important because it's not an exhaustive set of test cases you must test your own use cases and you must have your own test plan this is vital because you are being given access to the the full functionality of the system to a very good test environment and you as i said before you must take advantage of this and also in a previous focus session there was a question about the mandatory cases for for institutions who are if you like past jurisdiction and we are working on a little note on that which we will release to you all that is really only for those institutions who are past jurisdiction anyone who is just on a one-to-one relationship with one ncb need not to to worry about this but some of the in a previous focus session we were asked about mandatory test cases for these kind of institutions and we're releasing a note on this very soon okay so then the upcoming milestones so what i did was from the previous focus session Jean Pierre gave this presentation and i found this slide was really an excellent one for us to go through our journey in user testing so i want to recycle this one to reuse it and to look at the steps so you can see here already connectivity to as mega step one you have done this you're preparing the registration form for user testing now you register then for user testing and you send the form to your national central bank they capture the registration form for user testing this means that your reference data that you included in the form is now captured in the central reference data management module and now you can move on and now you get the green light from your ncb and you can capture your own reference data so what's very important is at the beginning we create two administration users for you and these admin administrator users are given just the basic set of roles and the basic set of privileges to be able to create further users and then you as an institution you decide who you give these users to you decide who receives the user and then what privileges these users get so you can limit or you can have a super user you do it it's completely within your own institution but the point here is that you will receive two administrator users from us and then you will go on to create the user you will go on to grant access rights and all of this all of this process then you will capture any reference data that you need any further reference data that's needed this is in the registration guide and it's also in the the user handbook then we begin user testing execution we execute your own suite of test cases we carry out community testing where you all test together we carry out business day testing when all of our services are connected and where we move to a standard synchronized schedule of the day and then also during business day testing we will provide some live timing this is where we will move from test schedule to the live schedule we will provide this one so that you I think there's a week of live timing where you can configure your environment to exactly what the production timing the production schedule is and this is a very important part and then of course the specific testing as I said we went into it I wasn't exhaustive on these campaigns and if you see that you think you might have an idea for a campaign that you feel might be helpful then please let your NCB know and they can come to the governance here and we could look into it and we could perhaps facilitate this now the mandatory test cases are passed you have completed them all you've submitted the evidence to the NCB then we've carried out our migration rehearsals we've had the migration weekend rehearsal we've had the two migration weekend dress rehearsals and we decided not to have the optional one because everything was going so well we didn't need it yeah and then we look for the go live weekend we are ready and we we go to production okay so now the upcoming milestones as we said network connectivity tests completed so by 30th of November 2021 all participants should be connected to the system so as I said this is a vital part to be ready to start the user testing which begins on the 1st of December so then yeah I think this is the the the most important part of the user testing I'll have a little look in the I'll have a little look in the chat and for us in the user testing and migration we look really we're really looking forward to this we're ready and judging by the readiness reporting that might has given us so are you but we have to of course further prepare now in the next two months this period will help to ensure successful user testing please take advantage of these 11 months as I already said and all of our market infrastructures from the euro system target the original one t2s tips these have been culminations of collaboration between the euro system and the community and now we get to continue this tradition together and we'll do it by preparing and by successfully executing the user testing so thank you everyone I'll have a little look in the chat and I'll see if we can and I'm here yeah the chat is very busy so we're not going to be able we're not going to be able to cover everything there's a few ones that are quick I think you've covered them so basically it's on the form so the form if I'm summing right you nod or you you you've bought in if I'm saying something wrong the four will come next week is it coming from the ncb or is it coming from the ecb people are asking from the ncb yeah from the ncb excellent so we have that then we have a lot of people asking also about details about the migration weekend rehearsals and all this but were you saying that we will discuss this in more detail later on or absolutely yeah we can have them we can we can perhaps have a look at it in a future focus session but in advance of all migration weekends there are there are summary documents and all the plans are released and and the ncbs will be working closely with everyone in advance of each of these weekends to prepare for them excellent and we also have one talking about but you you mentioned this also I think about when you test what so when will you test the central bank liquidity transfer in in the in the migrations but you were saying that this would be done you would be testing together with all the target services in the later migration rest we hope a week yeah I mean we also have before we connect the target services we also have simulators in place as well so people will be able to if you like the the the migration is a set of activities and we will test the individual activities themselves long before we do the the rehearsal tests so that we know we're able to do these activities and then in the rehearsal test we bring them all together so almost from the start is the question to to test these these functionalities almost from the start terrific thank you then we have someone here asking again about so when you can test what basically I think the question is so you start testing from December 1st of December 2021 and then on the website we are saying that the mandatory test cases should only be tested from April but if anyone is capable of passing a mandatory test case before that if they have you know if their system is is fully able to interact if they can pass the U2A cases or if they can pass the A2A cases we know we will definitely not reject an early submission to the contrary we'll be delighted with the early submissions of the mandatory test cases yeah but what we would do is have this specific period more for people to say guys this is really now the time you should be doing it you know what I mean but if people are already advanced this is really good super we like advanced and we also have somebody asking about again one of those what if not what if you are not able to do the connectivity tests before 1st of December 2021 what happens so I mean it just means you lose as I said you I really want you to take advantage of these 11 months that we give you but if you if you don't connect until January then you've lost a month yeah you've lost a month of user testing adjust your planning to this and you know you report please in your readiness that you've missed this milestone and you know you know I mean now we're in we're in October you know really you should start planning now not to miss this yeah really you should be looking to to to to be connected before the 1st of December excellent thank you so much Bobby so there's a lot of questions but I think a lot of these questions are really for the next focus session that I can see that we will be needing to organize which would really then drill more into this migration and the preparing for the for the migration the scripts of what will happen so so I think there will be more to come so to speak I think we can agree on that and so I guess we will end with this and then thank you to Bobby for answering a lot of these questions I'm sure that it will be much clearer to everyone after this and again I just want to remind you all that the slides will be uploaded and we will we the live streaming that we're doing will also be put on the website as the pre-reporting so you can view the session again and and whatever you may have missed you would be able to do that again and so so just so you are aware of that so without anything else I want to then maybe hand back to Dimitri who will close today's event so Dimitri over to you yes thank you Elin indeed well what I noticed is that we have been always around 800 participants in the in the Webex and I obviously could not count on the on the on the live streaming we are glad obviously to see such an interest and also such commitment it's highlighting the commitment from all of you well this this this a focus session is coming to an end we we hope that it was useful well I guess so when I see the interactivity in the chat I believe it was useful just as a recap today we we heard from Jean more on the connection to ESMIC and what are the necessary steps and what is to be expected in terms of the connectivity tests there were lots of practical questions around this and as as we said earlier we will follow up on this so there will either be changes to the presentation just to fine tune but there also there will be also a follow up to all those questions I guess the team here has captured the whole chat to follow up on this we heard from Marek about the ISO 222 well again not only for the consideration but also from the the perspective of the wider adoption around the globe I like basically the the the double meaning of towards you know full implementation of ISO 222 so meaning fully fledged on one hand but as well geographically around the globe so that's a nice nice definition mighty told us more about the market readiness and we heard from her that the signs that we collect from the the the reporting rounds are reassuring of course there is always a number of yellows and a few very little head what I always tell the team is I I tend to believe more the yellows than the greens in the sense that at least there is no there is the feeling that there is no dormant issue so I'm not I don't have any problem with yellows it's a sign of of very good awareness and work towards solving the issue so that that's good we we heard from Bobby very precise information on the the user testing again the registration form apologies for the delays we must have two or three weeks of delays for that but it's coming Bobby explained why he covered the migration testing but also the other specific tests that you may want to do I hope that was again very useful Ellen it would be wrong for me not to say a few words to you and the team behind you thank you again for the the outstanding organization of the event what I would add here is that the team will leave you here with the hope to see you in future focus sessions there will be more focus sessions and we hope to see you there again mighty mentioned the national events and I believe it's fair to remind that beyond what we do here in the focus sessions the central banks are also organizing lots of national events and then I really encourage you to attend those sessions you may hear even more information and have more even more interaction on the consultation you can also between now and the next focus session or the national event that you would attend you can also follow us on the social media channels we have and via the target services newsletter so well it's time now to thank you all and wish you a good afternoon thank you bye bye