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TARGET2 is the RTGS system for the euro, offered by the Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers as well as other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.
See also the TARGET Annual Report 2008
See also the TARGET Newsletter Q4-2009
See also the TARGET Newsletter Q2-2009
See also the Information Guide for TARGET2 Users (latest version 3.0)
A real-time gross settlement system (RTGS), such as TARGET2 is a payment system in which processing and settlement take place continuously ("in real time") rather than in batch processing mode. Like this, transactions can be settled with immediate finality. "Gross settlement" means that each transfer is settled individually rather than on a net basis.
The Eurosystem invited users to comment by 28 November 2008 on the possibility of a single interface which would facilitate their monitoring of cash, collateral and securities positions. more (including replies)
Last update: Wed 17 Mar 2010 07:00
The TARGET2 system is operating normally.
This box will be updated if interruptions impact on payments processing in TARGET2. (During night-time settlement the page will be updated when the TARGET2 day trade phase starts.)
The Eurosystem cannot be held liable for the information provided on the T2IS.
Since April 2005, an access-restricted TARGET2 project website has been available to keep all users informed. TARGET users and third parties directly involved in the project can request the access details for this website from their national central bank. If you are a third party, please contact the ECB TARGET, TARGET2 hotline.
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Life-time of TARGET
Launch of TARGET2
