Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

Facts and figures

Currency euro
Launch 2007
Settlement model Real-time gross settlement (RTGS) in central bank money
No of participants 1,050 Direct participants 697 Indirect participants 4,194 Correspondents worldwide
No of ancillary systems 82 ancillary systems
Daily averages 344,120 payments €1,731 billion
Average transaction value €5.0 million
Payment values < €50,000 (70% of all TARGET2 payments) > €1 million (9% of all TARGET2 payments)
Share of total large-value payment system traffic in Euro 89% in terms of value 62% in terms of volume
Payments processed in less than five minutes 100% < 1 minute (99.9% of all enquiries) 1-3 minutes (0.10%)

More information in the 2019 TARGET Annual Report

Availability / Performance


2020 Availability of TARGET2
January 100.00%
February 100.00%
March 99.15%
2020 average 99.72%

For TARGET2 the availability figures are measured only during the day trade phase from Monday to Friday 7 a.m. to 6.45 p.m. (7 p.m. on the last day of the minimum reserve period) on TARGET2 days, including all the extensions required to complete the operational day.

The availability measurement does not include systems or networks not directly managed by TARGET2 (in particular the availability of the SWIFT Connectivity Services).

Transit time in PM

2020 <5 min >5 min but <15 min >15 min
January 100.00% 0.00% 0.00%
February 99.00% 0.28% 0.72%
March 98.93% 0.88% 0.19%
2020 average 99.31% 0.39% 0.30%

The transit time indicators for transactions in the Payments Module are measured within the TARGET2/SSP perimeters. The following payments are excluded from the measurement of the performance:

  • payments not settled in the “entry disposition”;
  • warehoused payments;
  • payments stemming from Ancillary System Interface settlement procedures.

In order to neutralise the effect of the morning queue, which is considered a normal phenomenon, the first hour of operations is excluded when the TARGET2 processing times are calculated.

Additional information

On 7 March 2019, due to a problem related to the functioning of T2S, the closing of TARGET2 was delayed by 1 hour. On 17 April 2019, due to a problem related to the functioning of T2S, the closing of TARGET2 was delayed by 2 hours.

TARGET2 statistics

Number of transactions settled per year

(left-hand scale: EUR billions; right hand scale: percentage)

TARGET2: Number of transactions settled per year

Value settled per year (TARGET2 traffic)

(left-hand scale: EUR billions: right -hand scale: percentage)

TARGET2: Value settled per year

Distribution of TARGET2 transactions across value bands

(in percentages)

TARGET2: Distribution of TARGET2 transactions across value bands in 2017

All pages in this section