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TARGET Services



T2 opened its new business day and is operating normally.

CLM RTS is scheduled to start at 19:00 CET and RTGS RTS I is scheduled to start at 19:30 CET. T2 will go into a maintenance window from 02:30 CET on Saturday 25 March. At 21:00 CET on Sunday 26 March, T2 will resume CLM RTS and RTGS RTS II.

Friday, 24 March 2023 18:55:00 CET

See historical information

T2S is operating normally.

Friday, 24 March 2023 05:00:00 CET

See historical information

TIPS is operating normally.

Friday, 24 March 2023 20:00:00 CET

See historical information
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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 T2 (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 T2, 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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