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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.
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.
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 ...
TARGET (Trans-European, Automated, Real-time, Gross Settlement, Express Transfer system): interbank payment system for the real-time processing of cross-border money transfers throughout the European Union. TARGET2: the 2nd generation of TARGET Services, in place from 2007 to 2023.
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]
The primary purpose of RTGS is to facilitate transactions that require immediate completion. Banks could use balances maintained under the cash reserve ratio (CRR) and the intra-day liquidity (IDL) to be supplied by the central bank, for meeting any eventuality arising out of the real time gross settlement (RTGS). The RBI fixed the IDL limit ...
The FDIC is an independent government agency charged with maintaining stability and public confidence in the U.S. financial system and providing insurance on consumer deposit accounts.
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.