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: Friday 21 July 2017 19:00
The TARGET2 system opened the new business day and is operating normally.
Night-time settlement is scheduled to start at 19:30 and the day trade phase at 07:00 of the next business day (i.e. not on a Saturday, Sunday or TARGET2 holiday).This page will not be updated if interruptions have an impact on TARGET2 processing during the night-time settlement phase. 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|