Sveriges Riksbank

09/23/2021 | Press release | Distributed by Public on 09/23/2021 02:37

The Riksbank wants to use the Eurosystem’s T2 and TARGET2-Securities platforms

As several central banks share technical platforms, costs and resources for development, operation and security can be shared among more parties, creating opportunities for efficiency gains through economies of scale. Sharing a platform with other central banks is also a further step towards fully achieving the benefits of harmonisation, such as freer movement of capital and lower barriers for cross-border payments and securities trading. In addition, a high level of cyber security is even more important, as the effects of an attack can be very extensive. This means that the requirements regarding security and robustness in the systems increase. It is costly for an individual country like Sweden to attain the same degree of security on its own, compared with when several share the costs.