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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.
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]
TARGET2 was the real-time gross settlement (RTGS) system for the Eurozone from its phased introduction in 2007-2008 until its replacement with T2 in March 2023. As such, it was one of the Eurosystem's TARGET Services, replacing the original TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) RTGS introduced in 1999.
This type of system is thought to become less relevant as banks will settle their transactions via multiple clearing houses [7] rather than using one central clearing house. TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is a RTGS system that covers the European Union member states which use the euro.
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong.It is operated by Hong Kong Interbank Clearing Limited (HKICL), a limited-liability private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks.
TARGET Instant Payment Settlement or TIPS is a TARGET Service of the Eurosystem that allows the settlement of instant payments in central bank money.The acronym TARGET stands for Trans-European Automated Real-time Gross-Settlement Express Transfer; other TARGET Services include T2 (RTGS) and TARGET2-Securities.
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RTGS is an alternative to netting in as much as RTGS payments are settled irrevocably in real time throughout the day, whereas netting system settlements only happen a few times a day (and value is not transferred until after the settlement of the netted totals has taken place).