TARGET services

With the development of TARGET, the Eurosystem aims to promote efficiency and ultimately achieve greater integration in financial market in Europe by offering services/products that take advantage of technological innovation, give a competitive advantage and facilitate payment transactions of financial institutions, businesses and individuals.

Current services

The services currently offered by TARGET (referred to as TARGET services) are:

  • T2: also referred to as RTGS, supports the real-time gross settlement (RTGS) of payment orders and capital transfers
  • TARGET2-Securities (T2S): the securities settlement platform 
  • TARGET Instant Payment Settlement (TIPS): the instant payment settlement service.

Upcoming services

Eurosystem Collateral Management System (ECMS): The objective of ECMS, expected to be launched in November 2024, is to replace the existing 19 different national collateral management systems run by the national central banks by a unified collateral management system covering the entire Eurosystem and enabling the harmonized management of collateral used in Eurosystem credit operations.

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