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TARGET Services



TARGET2 opened the new business day and is operating normally according to its schedule.

Monday, 20 September 2021 19:00:00 CET

Night-time settlement is scheduled to start at 19:30 and the day trade phase at 07:00 of the next business day (i.e. not on a Saturday, Sunday or TARGET2 holiday).This page will not be updated if interruptions have an impact on TARGET2 processing during the night-time settlement phase.


T2S is operating normally according to its schedule.

Tuesday, 21 September 2021 05:00:00 CET


TIPS is operating normally.

Monday, 20 September 2021 20:00:00 CET

This page will not be updated if interruptions have an impact on TIPS processing during the night, on Saturdays, Sundays and TARGET2 holidays.

How to subscribe to TARGET services’ RSS feeds

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), TIPS (a service for instant payments) and ECMS (a service for collateral management). 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.

Current services

Upcoming services


The Market Infrastructure Board (MIB) is a streamlined management body in charge of Eurosystem initiatives in the field of market infrastructure. It is responsible for the day-to-day operation of TARGET2, TIPS and T2S, as well as for the management of all Eurosystem projects in the area of market infrastructure and payments.

Enhancing our services

The Eurosystem is constantly working towards enhancing the safety and efficiency of its market infrastructure and exploring innovation.

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