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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]
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 ...
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.
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 ...
STEP1 is a payment service of EBA Clearing that started in 2000. [14] It is aimed at small and medium-sized banks for single euro payments of high priority and urgency. The technical infrastructure is the same as that of the EURO1 system, both use the messaging and IT infrastructure of SWIFT.
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 ...
[1] [2] A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. [3] Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This ...
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.