POLAND

Currency: Polish zloty (PLN)

RTGS: SORBNET for urgent domestic payments in PLN and Target2 for high-value/urgent domestic and cross-border payment in EUR.

Message format currently in use: SWIFT MT

Coexistence vs big Bang approach: Big Bang approach

ISO migration planned? Timeline: Target2 plans to migrate on November 2021.

Governing body of the migration: European Central Bank

Poland PLN ISO migration

TARGET2

Messaging format:

The European HVPS messaging format has been published by the ECB and is available in MyStandards in the T2 RTGS group. Access is automatically granted if requested. The current latest version is UDFS 2.1, which was released in December 2019. UDFS 2.2 is expected to be published in November 2020 and will incorporate the final change requests.

The Eurosystem supports ISO messages for payments and associated reporting and recall requests through the TARGET2 module, securities processing through the T2S module, as well liquidity management through the CLM module.

Batch Payments: Each pacs.008 can only contain a single credit transfer, TARGET2 and EBA Clearing will not support batch payments.

End-to-end identification: if provided in the payment instruction, should be carried throughout the payment chain. If none is provided, the value NOTPROVIDED should be used. This should not be confused with SWIFT’s UETR, and cannot be mapped to MT messages.

Structured Party Information:

The following two rules related to parties (eg. debtor, creditor, ultimate debtor, ultimate creditor) in UDFS 2.0, when taken together, result in the requirement to submit structured addresses:

  • If OrganisationIdentification/AnyBIC and LEI are absent then Name, TownName and Country are mandatory to identify the Debtor
  • If PostalAddress is used and if AddressLine is present, then all other optional elements in PostalAddress must be absent.

UDFS 2.1 did away with the requirement to use structured addresses, with several national banks commenting that this requirement would likely be reinstated at the end of SWIFT’s coexistence period in 2025.

Structured Remittance Information is supported by UDFS 2.1 and allows for up to 9000 characters of structured remittance information, tags not included. Structured remittance information cannot be mapped to MT and can provide essential information for compliance and reconciliation purposes. Banks should ensure they are not truncating remittance information, and take into account that extended remittance information can significantly bloat message sizes. Banks should ensure they either isolate their payment systems are adequately dimensioned.

Purpose Code

Ultimate debtor/creditor: Ultimate creditor and debtor information is enabled, as well as instructing party. None of these fields can be structurally mapped to an MT message. Passing this information down the chain is not only essential for reconciliation by corporate customers making use of payment/collection factories, but a legal requirement for correspondent banks in light of FATF recommendation-16.

Tax: Unlike in CBPR+ messages, Tax fields are not supported.

Documentation:

https://www.ecb.europa.eu/paym/cons/html/index.en.html

https://www.ecb.europa.eu/paym/pdf/consultations/UserDetailedFunctionalSpecificationsv1_1-Real-timegrosssettlement_RTGS.pdf