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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.
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).
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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The Eurosystem in March 2023 switched its real-time gross settlement to T2, which follows ISO 20022. The switch involves transactions for settling payments related to the Eurosystem's monetary policy operations, as well as bank‑to‑bank and commercial transactions. TARGET2 previously handled transactions for over 2000 G€ per day. [6]