Deloitte Exposes Weaknesses In Key ECB Payments System

By Lucia Osborne-Crowley (July 29, 2021, 3:22 PM BST) -- The European Central Bank said on Thursday that it will commit to improving the security of its platform for processing large-volume payments in the banking system after an investigation into a series of failures and outages in 2020.

The 18 proposals for reform have been published in a report by the ECB and accounting giant Deloitte on the TARGET2 and TARGET2 Securities payment systems, as they are known.

TARGET2 settles payments linked to the monetary policy operations of the Eurosystem — the monetary authority of the eurozone — as well as bank-to-bank and commercial transactions. TARGET2 Securities is a common platform...

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