Christoph Heid is Deputy Head of Division “Strategy, Policy and Oversight – Payments and Securities Settle-ment”. He joined Deutsche Bundesbank in 1988 and has spent most of his business carrier in the area of pay-ments, securities settlement and collateral management. His special focus is on TARGET2, TARGET2-Securities and Vision 2020 of the Eurosystem. He is participating in the National TARGET2 User Group as well as in the Advisory Group on Market Infrastructures on Payments (AMI-Pay) and different working groups at the level of the Eurosystem.