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Shared features

The TARGET Services are developed and operated by the Eurosystem to ensure the free flow of cash, securities and collateral across Europe. The services have a number of shared features such as a single liquidity pool, one message standard ISO 20022, a joint pricing guide and a set of common components used across the services. This page offers a single point of information and access to technical documents related to these shared components.

Central liquidity management

A centralised tool will allow participants to steer, manage and monitor liquidity in central bank money across all TARGET Services. The tool will function via a main cash account that participants can open with a national central bank. This account will be linked to the participant’s dedicated cash accounts for the new real-time gross settlement (RTGS) system, T2S and TIPS.

The main cash account will also offer a dashboard for a centralised overview of liquidity positions and advanced liquidity management tools, meaning a higher level of automation. An important feature is that any liquidity held on dedicated cash accounts will be considered for minimum reserve purposes without the need to transfer the balances back to the main cash account.

Pricing guide

The guide provides TARGET Services participants with a comprehensive overview of the pricing schemes and billing-related aspects of the future consolidated TARGET Services. In particular, it covers central liquidity management; real-time gross settlement (RTGS); TARGET2‑Securities (T2S); and TARGET Instant Payment Settlement (TIPS).

Common components

A number of components will be shared across the TARGET Services. The components will bring optimisation and cost savings to the participants. The interface will support multi-vendor connectivity, allowing for participants to choose between different connectivity options and fostering competition among network service providers. Details on the six shared components are listed below.

  • A harmonised interface – the Eurosystem single market infrastructure gateway (ESMIG) – will make it easier for participants to access and use the Eurosystem's TARGET Services from a single entry point.
  • Common reference data management will reduce the effort required to create and maintain multiple copies of reference data and will centralise the management of user access rights. The common reference data guide provides information on how to create and maintain common reference data for parties, cash accounts, rules and parameters.
  • A data warehouse will make it possible for participants to access historic information. It will consolidate past data from T2 (Centralised Liquidity Management – CLM, and Real-Time Gross Settlement System – RTGS), T2S, common reference data, billing, contingency services, business day and historical data from TARGET2 and T2S.
  • A billing feature will help the Eurosystem optimise its operational costs. The billing provides the functionalities for the aggregation of the daily billable items, its enrichment into invoice data and the management of TARGET Services invoices.
  • The Business Day Management will give participants information about the business day and different calendars and scheduled events and their dependencies.
  • A legal archiving stores copies of inbound and outbound messages in their original format into a centralised archive for audit and regulatory purposes.

TARGET Services sharing the Common Components


ComponentT2T2STIPSECMS
Eurosystem single market infrastructure gatewayxxxx
Common reference data managementxxxx
Data warehousexx
Billingxxxx
Business Day Managementxx
Legal archivingxxxx

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