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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 (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.
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.
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 ...
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.
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EBA Clearing was founded in June 1998 by the Euro Banking Association (EBA) and is owned by the major payment banks operating in Europe. [6] [7]Its initial mission was to create and operate the clearing and settlement system for high-value euro transactions, EURO1, which the EBA had transferred to EBA Clearing at the launch of the Eurosystem in 1999.