While banks in Europe have been using ISO 20022 for SEPA schemes for a decade now, despite what non-European banks may think, it doesn't mean that it's adoption for TARGET2 is straightforward. Using survey data of banks across Europe, Celent highlights just where the industry is, and what actions it should be taking. History shows that no migration of this magnitude - and including SEPA itself - sees all participants being ready. Indeed, examples show us much of the industry won't move until the last minute even if it is ready. With a looming deadline in just 6 months, quite where are banks in their journey, what approaches have they taken, and have they done enough to be ready?