In operational terms, the newly developed large-value-payment system TARGET is going to function by joining together the 15 EU central banks´ existing real-time gross settlement (RTGS) systems, using what is known as the Interlinking System. S.W.I.F.T. is being used as the carrier for the „Interlinking System” , S.W.I.F.T. is therefore going to assume even BIS Review 91/1998  -4-  greater technical responsibility.
That will mainly include ensuring steady and trouble-free operation - in particular, we are relying on S.W.I.F.T. having a firm grip on the Year 2000 challenge. This will be ensured by a joint task force of several central banks under the direction of the National Bank of Belgium. As S.W.I.F.T.