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European zone messages are stored in the Netherlands and in part of the Swiss operating centre; Trans-Atlantic zone messages are stored in the United States and in another part of the Swiss operating centre that is segregated from the European zone messages. Countries outside of Europe were by default allocated to the Trans-Atlantic zone but ...
TARGET2 was the real-time gross settlement (RTGS) system for the Eurozone from its phased introduction in 2007-2008 until its replacement with T2 in March 2023. As such, it was one of the Eurosystem's TARGET Services, replacing the original TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) RTGS introduced in 1999.
The third digit (4) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 4 is a notification. A MT304 message is considered an "Advice/Instruction of a Third Party Deal" and it used to advise of or instruct the settlement of a third party foreign exchange deal.
Using these messages, banks can exchange data for the transfer of funds between financial institutions. SWIFT's headquarters are in La Hulpe, on the outskirts of Brussels, Belgium. SWIFT also acts as an international standards body for the creation and maintenance of financial-messaging standards. See SWIFT Standards.
In the process of the Single Euro Payments Area the European central banks have agreed on a common format based on IBAN and BIC including an XML-based transmission format for standardized transactions. T2 (RTGS) is a joint gross clearing system in the European Union that does not require the SWIFT network for transmission (see EBICS). The ...
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The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, infrastructures and technical standards (Rulebooks for credit transfer/direct debit, BIC, IBAN, ISO 20022 XML message format, EMV chip cards/terminals).
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