HSBC to use SWIFT to connect to Target2-Securities

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SWIFT said that HSBC in Germany will use its value added network (VAN) solution to connect to Target2-Securities (T2S).

VAN enables T2S participants to connect to the new pan-European securities settlement platform for the secure exchange of business information in ISO 20022. HSBC joins other major banks and central securities depositories (CSDs) that have signed with SWIFT for T2S connectivity since VAN went live in June 2015.

They include BNP Paribas Securities Services, Citi, Deutsche Bank, Societe Générale Securities Services, Bank of Greece Securities Settlement System, Clearstream, Depozitarul Central, Euroclear, Iberclear, Interbolsa, KDD Central Securities Clearing Corporation, Malta Stock Exchange and SIX SIS, amongst others.

HSBC will also be able to implement a single window for ISO 20022 messaging, giving the bank the opportunity to reuse the platform for other messaging purposes, such as funds distribution.

In addition to T2S connectivity, HSBC made use of SWIFT’s MyStandards readiness portal for T2S to support the implementation and integration process with HSBC proprietary systems. MyStandards, part of SWIFT’s VAN solution, allows users to test their messages against specifications and prove their ability to reach certain quality and straight-through processing (STP) rates, ultimately improving the speed and accuracy to process messages through T2S and back again.

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