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T2 is a financial market infrastructure that provides real-time gross settlement (RTGS) of payments, mostly in euros. It is operated by the European Central Bank and is the critical payments infrastructure of the euro area. With turnover in the trillions of euros every day, it is one of the largest payment systems in the world. [1]
RTGS systems are usually operated by a country's central bank as it is seen as critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets.
In 1993, as the Maastricht Treaty entered into force, central banks of the EU agreed that all of them should have an real-time gross settlement (RTGS) system, as some had already done in the previous decade. In 1995, they decided to interlink these national infrastructures through a pan-European system that they called TARGET.
TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) was the real-time gross settlement (RTGS) system for the Eurozone from its introduction in 2007-2008 until its replacement with T2 in March 2023. It was developed and owned by the Eurosystem.
For gross settlement India has a real-time gross settlement (RTGS) system called by the same name. Its net settlement systems include the Electronic Clearing Services (ECS Credit), Electronic Clearing Services (ECS Debit), credit cards , debit cards , the National Electronic Fund Transfer (NEFT) system, Immediate Payment Service , and Unified ...
An ACH is considered a net settlement system, which means settlement may be delayed. This poses what is known as settlement risk. Real-time gross settlement systems (RTGS) are funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real-time" and on "gross" basis. Settlement in "real time ...
PAPSS sends credit or debit settlement instruction to the Central Bank of the originator and the Central Bank of the beneficiary. The Central Banks settle the transaction in hard currency, using Afreximbank as the settlement agent. Once the cross-border net settlement is complete, the beneficiary receives the funds in their local currency. [10]
Pages in category "Real-time gross settlement" ... Pan-African Payment and Settlement System; Payment and settlement systems in India; S. SIA S.p.A.