Target services

TARGET Services are a number of services developed and operated by the Eurosystem.

These services include TARGET2 (for settling large value payments), T2S (for settling securities) and TIPS (a service for instant payments). All of them settle in central bank money.

The development of TARGET Services

With the development of TARGET Services, the Eurosystem aims to promote efficiency and ultimately achieve greater integration in financial markets in Europe. A project has been launched by the Eurosystem to consolidate TARGET2 and T2S (TARGET Consolidation). The objective is to meet changing market demands by replacing TARGET2 with a new real-time gross settlement (RTGS) system and optimising liquidity management across all TARGET Services by November 2021. The consolidated platform will feature a centralised tool (Central Liquidity Management) that will allow participants to steer, manage and monitor liquidity across TARGET Services.

Current services

  • TARGET2: the real-time gross settlement (RTGS) System
  • TARGET2-Securities (T2S): the securities settlement platform 
  • TARGET Instant Payment Settlement (TIPS): the instant payment settlement service. 
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