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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.
That places TARGET2/T2 turnover below CLS and Fedwire but above BOJ-NET (Japan) and CHAPS (United Kingdom), as has been the case throughout the previous decade. [5]: 1.1 The system suffered no outages during 2023; 90 percent of transactions were settled within 38 seconds, whereas 0.09 percent took more than five minutes. [5]: 2
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 ...
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. It is one of the Eurosystem's TARGET Services , together with T2 for large payments, TARGET Instant Payment Settlement (TIPS) for instant payments , and ...
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 .
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 ...
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.
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.