As part of the Eurosystem exploratory work, the first two trials with the Deutsche Bundesbank’s Trigger Solution were successfully settled recently – on 28 June and 1 July 2024. The use case comprised the issuance and primary distribution of a commercial paper with the use case team Clearstream Banking Frankfurt AG as a market DLT operator with its digital D7-platform and the two market participants DekaBank Deutsche Girozentrale and DZ Bank AG Deutsche Zentral-Genossenschaftsbank. The exploration was conducted as a trial in the participants’ production systems and ultimately resulted in real and final bookings in TARGET, the Eurosystem’s payment system, by using the Bundesbank’s Trigger Solution.

The possibility to conduct trials is part of the Eurosystem’s six-month exploratory work to test new technologies for the settlement wholesale transactions in central bank money. Interested financial market actors were able to apply for participation in wave 1 of exploratory work by the end of January and for participation in wave 2 by the end of April 2024. The three institutions mentioned above participate in wave 1 of the exploration phase, which officially began on 13 May 2024. The trials were prepared together with the Bundesbank’s Trigger Solution team via extensive onboarding and testing activities over the past few months.

The Bundesbank’s Trigger Solution is one of the three interoperability solutions available for the exploratory work. It links DLT platforms operated by the market with the traditional Eurosystem payment system (TARGET), thus enabling the direct settlement of DLT-based wholesale transactions in central bank money on participants’ existing RTGS accounts.