TARGET Services in 2025: growth, a new launch and lessons learned

12 June 2026

TARGET Services saw broad-based growth in 2025, with settlement volumes rising across the board.

Instant payments experienced the sharpest increase. Transaction volumes on the TARGET Instant Payment Settlement (TIPS) platform grew by 82.5%. This sharp rise reflects new EU rules requiring banks to offer instant payments and the addition of the Danish krone to the platform. Securities settlement in TARGET2-Securities (T2S) also expanded, with volumes up by 16.1% and the total value up by 12.8%. Large value payments in T2 grew more steadily, with transaction volumes up by 3.6% and interbank payment values up by 6.3%.

2025 also saw the successful launch of the Eurosystem Collateral Management System (ECMS), which completed the suite of TARGET Services. Banks and financial institutions can now manage the assets they post as collateral in a fully integrated environment alongside payments and securities settlement.

Overall system availability remained at a high level. That said, two significant disruptions affected the T2 large-value payment system during the year. Both were followed up with a detailed action plan to address the root causes and prevent a recurrence.

Work is under way on several fronts for the period ahead: extending T2 operating hours, bringing new currencies onto the platform and connecting the instant payment system with fast payment infrastructures in other regions.

Find out more in the ECB’s TARGET Services Annual Report 2025.