TARGET Services are a number of services developed and operated by the Eurosystem which ensure the free flow of cash, securities and collateral across Europe.
These financial market infrastructure services include TARGET2 (for settling payments), T2S (for settling securities) and, as of the end of 2018, TIPS (a service for instant payments). All of them settle in central bank money.
The Eurosystem also engages in a number of initiatives which aim to promote efficiency and innovation and ultimately achieve greater integration in financial markets in Europe. In line with its strategy, the Eurosystem is investigating ways to enhance its financial market infrastructure so that it continues to meet the needs of the market, stays ahead of cyber security challenges and keeps up with the latest technological developments.
The Eurosystem is constantly working towards enhancing the safety and efficiency of its market infrastructure and exploring innovation.