The Bulgarian National Bank (BNB) and the Bulgarian banking community have migrated to the T2 wholesale payment system on 20 March 2023. The T2 platform, which includes a Real-Time Gross Settlement (RTGS) system and a central liquidity management tool, has replaced the old TARGET2 system, the BNB said in a statemen.

The T2 settles payments related to the Eurosystem’s monetary policy operations, as well as bank-to-bank and commercial transactions. Augmenting the payments infrastructure The BNB has been using the TARGET2-BNB national component system of TARGET2 since 2010, the statement added. The new T2 payment system, which was also launched in the Eurosystem on 20 March 2023, was initiated in late 2017 to modernise market infrastructure and improve the cost efficiency of Europe's financial markets, the European Central Bank said in a separate statement.

The software and environment for the new platform were delivered by the central banks of Italy, Spain, France, and Germany, who act as TARGET service providers. TARGET services are developed and operated by the Eurosystem to ensure the free flow of cash, securities, and collateral across Europe. The RTGS system enables instant transfers of money and/or securities.

The Eurosystem, which includes the European Central Bank and the national central banks of the Member States whose currency is the euro, is the monetary authority of the euro area. It maintains price stability, safeguards financial stability, and promotes European financial integration. .