TARGET services


  • Basic informations about TARGET2
  • T2/T2S consolidation
  • T2S
  • TARGET2-SK Participants zone
  • TIPS
  • List of TARGET2-SK participants
  • ECMS
  • Statistics
  • 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.

    TARGET services include:

    • TARGET2 - is the real-time gross settlement (RTGS) system
    • T2S (TARGET2-Securities) - is the securities settlement platform
    • TIPS (TARGET Instant Payment Settlement) - is the instant payment settlement service

    The Eurosystem has launched a project to consolidate TARGET2 and T2S, in terms of both technical and functional aspects. The objective is to meet changing market demands by replacing TARGET2 with a new real-time gross settlement (RTGS) system called T2 and optimising liquidity management across all TARGET Services. The new consolidated platform will be launched in November 2022. Then the Eurosystem will launch a new system ECMS in november 2023. At present, DCA accounts within the T2S platform and the TIPS service are legally part of the TARGET2-SK payment system.

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    For more information about TARGET Services, visit the following websites: