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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]
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.
[4]: 66, 79 On 4 July 2011, Romania also connected to TARGET2. [8] In June 2015, TARGET2 participants were first allowed to open a Dedicated Cash Account (DCA) on the T2S platform, marking the start of the T2S service. [6] In October 2018, T2S allowed settlements in Danish krones (DKK) in addition to those in euros. [9]
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.
These include a number of Real-time gross settlement (RTGS) systems such as the High-Value Payment System in China, T2 in the euro area, CHAPS in the United Kingdom, and Fedwire in the U.S. Other central bank-operated infrastructures include the China Foreign Exchange Trade System (CFETS) in China, [7] or TARGET2-Securities in the euro area and ...
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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 ...