Ripple/XRP The Big Bang Migration 21st November 2023 – ILP – IoV

The ECB (European Central Bank) released an annual report on Target2, the RTGS system for all European banks where they settle all payments in central bank money. The ECB published it about two hours ago and it can be found here: https://t.co/GLJNtzrR19

The timeline for banks with all the milestones can be found here; https://t.co/tBB9WoDswF

The big bang approach requires that all national central banks and their communities are prepared to migrate on time.

All banks in Europe, will all be, at the same time, able to use XRP for domestic and international settlement of payments and securities within Europe, but also across other RTGS systems like Japan’s or the Federal Reserve’s.

It means also the migration of TARGET2 (payments) with TS2 (securities) and TIPS (instant settlement) into one gateway for al European banks.

All banks have to be signed with a contract to their selected Network Service Provider of choice BEFORE July 2023.

RippleNet with it’s xCurrent (4.0) is one of those NSP’s! (And to be clear, it really is the most obvious choice for each EU-bank to choose, compared to GPI).

The new European RTGS system with integration to multiple NSP’s (like RippleNet for instance, currently Swift is the ONLY integrated NSP) will go live, with a “big bang migration” (as they like to call it themselves) in the whole of the EU on November 22, 2023

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