The European Central Bank (ECB) said yesterday that its TARGET settlement system for cross-border payments had successfully completed testing for the switchover to the year 2000.
TARGET, or Trans-European Real-time Gross Settlement Express Transfer System, "demonstrated its year 2000 compliance in a general testing of a full business day in a simulated year 2000 environment" on Saturday, September 25th, the ECB said in a statement.
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