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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 allows participants to steer, manage and monitor liquidity in central bank money across all TARGET Services. The tool functions via a main cash account that participants can open with a national central bank. This account is linked to the participant’s dedicated cash accounts for the real-time gross settlement (RTGS) system T2, T2S and TIPS.

The main cash account also offers 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 is 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) T2; TARGET2 Securities (T2S); and TARGET Instant Payment Settlement (TIPS).

Onboarding and registration guide

The guide assists new TARGET Services participants in the onboarding process and allows them to complete the registration form.

Common components

A number of components are shared across the TARGET Services. The components bring optimisation and cost savings to the participants. The interface supports 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) – makes it easier for participants to access and use the Eurosystem's TARGET Services from a single entry point.
  • Common reference data management reduces the effort required to create and maintain multiple copies of reference data and centralises 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 makes it possible for participants to access historic information. It consolidates 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 T2 and T2S.
  • A billing feature helps 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 gives 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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