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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.
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. It is part of the Eurosystem, which comprises the European Central Bank and the national central banks of those countries that have adopted the euro. TARGET2 is used for the ...
By 1997 a number of countries, inside as well as outside the Group of Ten, had introduced real-time gross settlement systems for large-value funds transfers. Nearly all G-10 countries had plans to have RTGS systems in operation in the course of 1997 and many other countries were also considering introducing such systems.
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).
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T2S (TARGET2-Securities) is a European securities settlement engine which aims to offer centralised delivery-versus-payment (DvP) settlement in central bank funds across all European securities markets.
Here is a simplified overview of how PAPSS works [9]. A company issues a payment instrument to their local bank or payment service provider; The payment instruction is sent to PAPSS through the country's central bank and routes it to the beneficiary bank account
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