Development of IBI Master follows T2S (TARGET2-Securities) European initiative. T2S is a new European securities settlement engine which aims to offer centralised delivery-versus-payment (DvP) settlement in central bank funds across all European securities markets. The main reason of T2S is to reduce the cost of securities settlement in Europe, in particular for transactions across EU countries, which can be much more expensive than domestic transactions. As SWIFT has a long-lasting strategic commitment to support European harmonisation efforts, SWIFT module in IBI Master is in adaptation in order to fit T2S initiative.