Connecting to T2S

The method of access to the T2S platform is an important decision for all market participants, which will have to be reviewed in light of the their strategy, current operations, clients and services.

The Eurosystem has two defined modes: Directly Connected Parties (DCP) or Indirectly Connected Parties (ICP). Both ICP and DCP will maintain a contractual relationship with the CSD, which remains the sole contractor with the Eurosystem. The difference between the two types of connectivity relates to the technical facility used to access the system; either directly connecting to the system or through a CSD (i.e. indirect connectivity).

Monte Titoli has designed a flexible connectivity model allowing participants to customise their choice.


Monte Titoli will offer ISO 15022 as a main channel of communication. Clients can also access Monte Titoli services through alternative channels:

  • U2A, typical for low volume interaction (usually manual): MT-X offered by Monte Titoli and T2S GUI only available to DCP
  • A2A, typical for high volume STP interaction

Financial Institutions who will use ISO 15022 and ISO 20022 communication protocols benefit from an additional supportive tool offered by Monte Titoli to streamline the implementation of standard-related messages. Accordingly, Monte Titoli grants to its participants the access to an established message standardization tool as SWIFT’s MyStandards, which will foster an harmonized implementation of the new message layouts in use to for T2S and Monte Titoli's platforms.

Notwithstanding of the type of the communication protocol in use for the fruition of T2S’ services, every extra-T2S settlement service will continue to be supported directly by Monte Titoli, by the means of the current communication channels. In this sense, Monte Titoli is expanding its service offer towards multiple project streams, so as to guarantee a complete servicing for settlement, safekeeping, asset servicing and collateral management in T2S countries and beyond.


Directly Connected Parties are those entities which communicate with T2S by the means of a direct network with the settlement platform, relying on ISO 20022 messaging protocol. Within this scheme, DCPs will have the opportunity to access T2S without the need of Monte Titoli as technical interface. Nevertheless, Monte Titoli will remain the contact point for the contractual and business relations with its DCP participants.


Indirectly Connected Parties are those entities which communicate with T2S platform by instructing a CSD which will convert and forward their messages into the platform as ISO2022 messages. ICPs will be able to continue using  the traditional communication protocols currently in use with Monte Titoli, with some adjustments to cope with  the additional features and peculiarities involved in the  T2S environment.