TARGET Services

TARGET Services (for Transeuropean Automated Real-time Gross-settlement Express Transfer) are payment services operated by the Eurosystem for the euro area and beyond on its proprietary financial market infrastructures.

As of late 2024, TARGET Services included T2 for large payments (which replaced TARGET2 in 2023), TARGET2-Securities (T2S) for securities transactions, and TARGET Instant Payment Settlement (TIPS) for instant payments. A fourth service, the Eurosystem Collateral Management System (ECMS), is to complement the TARGET suite in mid-June 2025.

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