BNP Paribas Selects SWIFT to Connect to TARGET2-Securities

SWIFT said that BNP Paribas has selected its SWIFT’s Value Added Network (VAN) solution to connect to the new European securities settlement engine TARGET2-Securities (T2S).

The financial messaging provider added that the French group has selected SWIFT to connect to T2S for several key reasons. First, as the largest European custodian, BNP Paribas aims to provide the most reliable and resilient infrastructure for communication with T2S.

Second, BNP Paribas has capitalised on its long-standing and close relationship with SWIFT. This collaboration will ensure that BNP Paribas’ technical architecture is closely aligned with the requirements of T2S.

Third, as a major SWIFT user, BNP Paribas can take advantage of SWIFT’s pricing structure for T2S which is designed to enable direct connectivity while minimising the financial impact of T2S messaging. SWIFT’s VAN is considered by BNP Paribas to be the most cost-effective T2S connectivity solution.

“As a major securities services provider, we will connect directly to T2S to reap its benefits and pass them on to our clients,” said Alain Pochet, head of clearing, custody and corporate trust services, BNP Paribas Securities Services. “We will therefore build our services for the T2S environment on the strongest foundations.”

The objective of T2S is to facilitate post-trading integration by offering core, neutral, harmonised and commoditised delivery-versus-payment settlement in central bank money in substantially all securities in the eurozone. SWIFT says that its VAN solution will enable T2S participants to connect to the T2S platform with the highest resilience, at the best price and with the least upfront cost.

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