Customers are now testing DKK on T2S
VP SECURITIES is on track with the roll-out of DKK on the European TARGET2-Securities infrastructure. The Danish financial sector will go live with DKK on T2S in October 2018, and DKK will be the first currency to supplement EUR on T2S. Right now, testing has begun, and customers are getting a feel of the new solution.
VP SECURITIES already settles EUR on T2S, and is now moving forward as planned with DKK. The solution provides a single point of access to European and Nordic distribution and customers can benefit in the long term from the European access to new international investors. VP is on track to go-live on 29 October 2018, and right now the project has turned an important corner and is entering a new phase.
“Just this week, we passed a crucial milestone, as the community testing started according to plan. This means that our customers are now actively testing the solution, and this is something we’ve been looking forward to,” says Product Manager Kristoffer Kjelsø Sønderlev from VP SECURITIES. “The solution is a partnership with the market participants in the financial industry. The T2S functionality has a set of features that make settlement processes more effective, while at the same time the account structure is changed, with implications for underlying customers and settlement flow. This makes testing at our customers an important and necessary next step, with both operational and business-oriented decisions to be made.”
During 2017, VP prepared customers and data centres, with a series of meetings under two nationwide roadshows. Topics included the business and operational aspects of introducing DKK on the European clearing and settlement infrastructure.
“There’s a fundamental difference between talking about such changes and actually implementing them. This is why we’re satisfied that we’re on time and opening up development and testing for customers and partners,” says Kristoffer Kjelsø Sønderlev.
VP strategically supports standardised solutions and formats and, as part of the T2S DKK solution, VP offers ISO 20022 communication, in addition to ISO 15022 and the VP proprietary formats already implemented.