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TARGET Services

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  • T2 (since March 2023)

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TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) Services are a number of services developed and operated by the Eurosystem which ensure the free flow of cash, securities and collateral across Europe.

  • T2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. It settles bank-to-bank and commercial transactions as well as payments related to the Eurosystem’s monetary policy operations.
  • T2S (TARGET2 Securities) is the securities settlement platform involving a dedicated cash account held at the Central Banks (hence settling in central bank money) and securities account held with the T2S Central Securities Depositories (CSD).
  • TIPS (TARGET Instant Payment Settlement) enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year.

 A fourth service, ECMS (Eurosystem Collateral Management System) will be implemented in 2024 to manage the assets used as collateral in Eurosystem credit operations