TARGET2 / T2 RTGS (ECB) — payment-authority governance incl. Settlement Finality Directive 98/26/EC · vECB TARGET Guideline (EU) 2…

TARGET2 / T2 RTGS (ECB) — payment-authority governance incl. Settlement Finality Directive 98/26/EC

TARGET2 / T2 RTGS (ECB) — payment-authority governance incl. Settlement Finality Directive 98/26/EC — 90% of in-scope requirements covered.

7 requirements · 5 in scope (4 enforced · 1 designed) · 2 out-of-scope (outside KYE™’s authority layer). The 90% is weighted over the in-scope base.

Source: Guideline (EU) 2022/912 of the European Central Bank on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8), including the harmonised conditions for participation in Annex I, together with Directive 98/26/EC on settlement finality in payment and securities settlement systems (moment-of-entry and irrevocability points). KYE Protocol™ governs the PAYMENT-AUTHORITY dimension of participation: whether an instruction (human- or AI-agent-originated) carries a live, purpose-scoped mandate, with the verdict and evidence sealed BEFORE the SFD finality moment. KYE™ does not effect settlement, provide liquidity, or confer legal finality. · License: The TARGET Guideline and the Settlement Finality Directive are EU legal acts (EUR-Lex); the KYE™ registry paraphrases each requirement's intent and cites the instrument for mapping purposes only.

By category

CategoryReqsEnforcedDesignedAdvisoryDeferredCoverage
Participation, access criteria & authorised-user binding 1 1 0 0 0 100%
Settlement finality & irrevocability (SFD 98/26/EC dimension) 1 1 0 0 0 100%
Suspension, termination & revocation propagation 1 1 0 0 0 100%
ISO 20022 messaging integrity & record retention 1 1 0 0 0 100%
Operational resilience, self-certification & incident notification 1 0 1 0 0 50%
Settlement execution & legal conferral of finality 1 0 0 0 0 0%
Liquidity provision & intraday credit 1 0 0 0 0 0%

Every requirement → the KYE™ artefact that enforces it

IDTitleStatusKYE™ enforcement
target2-rtgs.participation-access-authority Payment orders are submitted only by admitted participants through authorised users acting under a recorded, in-force mandate (TARGET Guideline access criteria + authorised-user / distinguished-role model) enforced audit_events: kye.purpose.request.v1, kye.purpose.admissibility.v1, kye.evidence.decision_map.v1, kye.compliance.attestation.v1
engines: internal, internal
rule_packs: kye:rule-pack:payments-eu
sector_packs: kye:sector-pack:financial-services
constitution_refs: constitution/12-PURPOSE-PERMISSION.md
target2-rtgs.pre-settlement-authority-checkpoint Because settlement finality is conferred at the moment of entry and cannot be unwound (Settlement Finality Directive 98/26/EC Arts 3 & 5 as implemented in the TARGET rules), the authority verdict and its evidence must be complete BEFORE a payment order enters the system enforced audit_events: kye.purpose.admissibility.v1, kye.evidence.pack.v1, kye.replay.context_seal.v1, kye.replay.proof.v1
engines: internal, internal
rule_packs: kye:rule-pack:payments-eu
constitution_refs: constitution/13-RESILIENCE-LOOP.md
target2-rtgs.revocation-suspension-propagation Suspension or termination of participation, and revocation of a user's authorisation, must take effect on submission channels without delay (TARGET Guideline suspension/termination provisions) enforced audit_events: kye.purpose.admissibility.v1, kye.evidence.decision_map.v1, kye.compliance.attestation.v1
engines: internal, internal
governedui_modules: kye.governedui.module.authority_drift.v1
constitution_refs: constitution/36-GOVERNEDUI.md
target2-rtgs.message-integrity-records ISO 20022 payment messages (pacs/camt families) must be traceable and participants must retain adequate records of submitted orders and their authorisation for audit and dispute purposes enforced audit_events: kye.evidence.pack.v1, kye.evidence.tool_call.v1, kye.audit_retention_policy.v1
engines: internal
constitution_refs: constitution/30-AUDIT-WORM-RETENTION.md
target2-rtgs.operational-resilience-incident Participants must meet the TARGET information-security and operational-resilience requirements (annual self-certification) and notify the central bank of security and operational incidents affecting their connection designed audit_events: kye.compliance.attestation.v1, kye.evidence.pack.v1
constitution_refs: constitution/13-RESILIENCE-LOOP.md, constitution/34-RECONCILIATION-ENGINE.md
target2-rtgs.settlement-finality-execution Effecting settlement in central bank money and legally conferring finality/irrevocability on entered orders (SFD 98/26/EC protection of the system) out-of-scope (no enforcement cited)
target2-rtgs.liquidity-intraday-credit Intraday liquidity management: funding MCAs/DCAs, intraday credit lines against eligible collateral, liquidity transfers and reservations out-of-scope (no enforcement cited)