European MI projects - Single Market Infrastructure Gateway (ESMIG) and EURO1

Be ready for the next generation of Europe’s payments market infrastructure

Preparing for European payments market infrastructure change

With major changes to Europe’s payments market infrastructures now time-tabled, financial institutions are facing significant strategic and operational impact on their payment businesses.

Both the Eurosystem and EBA CLEARING are modernising their infrastructure and migrating their TARGET2 and EURO1 high value payments services to the ISO 20022 standard. Timed to coincide with these migrations, SWIFT has also announced that it will start migrating cross-border payments to ISO 20022 starting in November 2021.

TARGET consolidation

As part of its Vision 2020 strategy, the Eurosystem is modernising and consolidating its market infrastructures. TARGET2 and T2S will be consolidated, and TARGET2 will be replaced with a new real-time gross settlement (RTGS) and Central Liquidity Management (CLM) system using ISO 20022.


The EURO1 high value payment system will also migrate to ISO 20022 in the same timeframe as TARGET2.

ISO 20022 cross-border

The migration to ISO 20022 for cross-border payments and cash reporting messages is set to start in November 2021. The migration will change the way banks exchange cross-border payment instructions and reports.

Why choose SWIFT for your European MI projects?

Single window

Reuse established technology footprint in IT back-office and operations front-office

Reuse messaging protocols for market infrastructures in Europe and worldwide

Multiple levels of resiliency for Application to Application (A2A) and User to Application (U2A)

Strong track record of operational excellence

ISO 20022

SWIFT is the registration authority for ISO 20022

The migration is orchestrated by the SWIFT community

SWIFT maintains standards in regional and global working groups


Keep an end-to-end view on payment transactions across market infrastructures and correspondent banking

Track payment transit times and fees via the gpi tracker

Use SWIFT’s value added services (validation, translation, integration and testing) to support your projects end-to-end

Bank governed

SWIFT is a cooperative, owned and governed by its customers

Member groups, user groups and industry working groups as part of governance

Industry platform

Committed to delivering common solutions to common challenges