FRANKFURT, Dec 17 (Reuters) - The European Central Bank pledged on Friday to implement a number of fixes on its payment systems and settlement platforms after several major outages in the past few years delayed transactions, it said in a statement.
The ECB's TARGET2 platform, which processes large-value payments in euros, and TARGET2 Securities, which allows banks to transfer securities in exchange for cash across borders, handle payments worth several trillions of euros each day.
"Measures addressing several recommendations have already been agreed or implemented in the course of 2021, while most of the remaining ones will be implemented by the end of 2022," the ECB said in a statement.
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The ECB's overhaul of the systems follows an independent review by Deloitte, launched in late 2020 and the bank said that all recommendations of the review would be addressed. Consultancy firm Deloitte carried out the review after the technical problems.
The recommendations range from enhancing IT infrastructure to updating procedures for handling major incidents and improving better failover and recovery testing.
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Reporting by Balazs Koranyi. Editing by Jane Merriman
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