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.
- TARGET2 is the real-time gross settlement (RTGS) system
- TARGET2-Securities (T2S) is the securities settlement platform
- TARGET Instant Payment Settlement (TIPS) is the instant payment settlement service
- TARGET consolidation is a project to replace TARGET2 with a new RTGS system and to optimise liquidity management across all TARGET Services
- The Eurosystem Collateral Management System is a unified system for managing assets used as collateral in Eurosystem credit operations.
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.