TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.

TARGET2 is the second generation of TARGET.

Status of the TARGET2 system

Last update: Wednesday 26 October 2016 07:00

The TARGET2 system is operating normally.

This page will be updated if interruptions have an impact on payments processing in TARGET2. The Eurosystem cannot be held liable for the information provided here.

Payment transactions in TARGET2 are settled one by one on a continuous basis, in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 settles payments related to monetary policy operations, interbank and customer payments, and payments relating to the operations of all large-value net settlement systems and other financial market infrastructures handling the euro (such as securities settlement systems or central counterparties).

TARGET2 is operated on a single technical platform. Business relationships are established between the TARGET2 users and the respective central bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world.

TARGET2 facts in 2015
No of participants TARGET2 had 1,004 direct participants, 735 indirect participants and 5,292 correspondents
No of ancillary systems TARGET2 settled the cash positions of 79 ancillary systems
Daily averages TARGET2 processed a daily average of 343,729 payments, representing a daily average value of €1.8 trillion
Average transaction value €5.3 million
Payment values More than two-thirds of all TARGET2 payments had a value of less than €50,000 each; 12% of all payments had value of over €1 million
Peaks The peak in volume turnover was 7 April 2015 with 512,422 transactions and peak value turnover was on 27 February 2015 with €2,635 billion
Large-value payment system traffic TARGET2’s share in total large-value payment system traffic in euro was 91% in value terms and 61% in volume terms
SSP technical availability 99.98%
99.94% of TARGET2 payments were processed in less than five minutes

What is TARGET2? A video introduction