AMI-SeCo asks Swift to synchronise securities messages upgrade with TARGET Services June 2027 release
The European Central Bank and AMI-SeCo are urging Swift to align its securities message upgrade with the TARGET Services June 2027 release. This synchronization is deemed essential to ensure a smooth transition to T+1 settlement and to protect the integrity of the testing timeline.
Why it matters
Proper coordination of financial infrastructure upgrades is critical to preventing systemic settlement failures and ensuring market stability during the global shift to T+1 settlement cycles.
The ECB has concluded that aligning the timing of Swift’s securities message upgrade with the TARGET Services June 2027 release is crucial to mitigating risks to the T+1 transition and maintaining the overall T+1 testing and migration timeline.
Following Swift’s announcement to extend the timeline for its Standards Release (SR) 2026, the Eurosystem decided to proceed with the November 2026 releases for its TARGET Services as planned, albeit with the deployment date put back from 14 November to 28 November 2026. As part of its deferred SR 2026 roll-out strategy, Swift indicated that it would implement the securities-related changes in the first quarter of 2027 to support key business and regulatory priorities, including T+1 settlement. It added that the final implementation date would be confirmed by mid-September 2026.
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