Successful launch of TARGET
Today, Monday 4 January 1999, at 7 a.m. ECB time (C.E.T), the European System of Central Banks successfully began operating the TARGET system.
15 national real-time gross settlement (RTGS) systems and the ECB Payment Mechanism are now linked together in TARGET, which securely processes euro transactions in real time.
The system is available for banks and their customers and already hundreds of cross border payments have been processed.
Further information will be available on the ECB's Web Site (http://www.ecb.europa.eu) later today.
European Central Bank
Directorate General Communications
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- 60314 Frankfurt am Main, Germany
- +49 69 1344 7455
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