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As of late 2024, TARGET Services included T2 for large payments (which replaced TARGET2 in 2023), TARGET2-Securities (T2S) for securities transactions, and TARGET Instant Payment Settlement (TIPS) for instant payments. [1] [2] A fourth service, the Eurosystem Collateral Management System (ECMS), is to complement the TARGET suite in mid-June ...
In addition to payments in euros, T2 allows settlements in other currencies of the EU if the respective central bank opts for it. [1] This is a new feature of T2 compared with TARGET2, as is the adoption of the ISO 20022 messaging standard. [2] T2 also integrates a Central Liquidity Management (CLM) functionality which extends to T2S and TIPS. [4]
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.
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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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TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. [1] T2S offers centralised delivery-versus-payment (DvP) settlement across several European securities markets, without being itself a central securities depository (CSD) since it does not offer CSD services such as custody or asset servicing.
The Eurosystem Collateral Management System (ECMS) is a unified platform for collateral management in the Eurosystem, intended to support the effectiveness of monetary policy in the euro area.