Market Infrastructure & Payments

We provide infrastructure for payment and securities settlement, cooperate with market stakeholders to integrate financial markets in Europe, and oversee financial market infrastructure and payment instruments.

TARGET2: a success story ten years in the making

TARGET2, the Eurosystem’s real-time gross settlement system, celebrated ten years of successful service on 19 November.

TARGET2 is one of the biggest payment systems in the world, with a global outreach to over 51,000 credit institutions.

TARGET2 has proved to be a solid pillar of European market integration, maintaining smooth operations even during challenging times for the financial industry and ensuring a safe and efficient environment for the implementation of the ECB’s monetary policy.

Two years ago, TARGET2 became an integrated part of T2S (TARGET2-Securities), the single technical platform for the settlement of securities transactions in central bank money. In November 2018, a new TARGET service will be launched: TIPS (TARGET instant payment settlement), a service which will make it possible to transfer funds in real time, 365 days a year.

For more information on TARGET2, check out our in-depth article on the system’s ten-year anniversary.

Browse previous news

Providing market infrastructure

The Eurosystem has developed and currently operates the real-time gross settlement (RTGS) system, TARGET2, and the European platform for securities settlement in central bank money, TARGET2-Securities (T2S).

Integrating financial markets

The ECB and the Eurosystem foster financial market integration in Europe by contributing to more efficient euro retail payments and the realisation of the Single Euro Payments Area (SEPA). We promote securities harmonisation and the safe and efficient mobilisation of collateral in the euro area via the Correspondent Central Banking Model (CCBM).

Overseeing market infrastructure

The Eurosystem performs oversight to ensure the smooth functioning of payment, clearing and settlement systems. It monitors their performance, assesses them against its objectives of safety and efficiency and, where necessary, induces change.

Market infrastructure and payments explained