Payment orders are submitted to the platform for processing and are settled one by one on a continuous basis in central bank money, with immediate finality. Ensure the efficient processing of cross-border payments in euroīy meeting these objectives, TARGET2 enables payments to flow safely and efficiently across Europe, and contributes to the stability of the euro.the possibility of a single actor causing an entire market to collapse Minimise systemic risk in the payments market, i.e.Support the implementation of the Eurosystem’s monetary policy and the functioning of the euro money market.The objective is to consolidate the technical and functional aspects of TARGET2 and T2S, with the aim of improving efficiency and reducing operating costs. In response to changing market demands, the Eurosystem has launched a review of its RTGS services. Taking into account branches and subsidiaries, more than 52,000 banks worldwide and all their customers can be reached via TARGET2. More than 1,000 banks use TARGET2 to initiate transactions in euro, either on their own behalf or on behalf of their customers. TARGET2 settles payments related to the Eurosystem’s monetary policy operations, as well as bank-to-bank and commercial transactions.Įvery five days, TARGET2 processes a value close to the entire euro area GDP, which makes it one of the largest payment systems in the world. money held in an account with a central bank. Central banks and commercial banks can submit payment orders in euro to TARGET2, where they are processed and settled in central bank money, i.e. TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem.
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