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.