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TARGET services

Logo of TARGET services

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 has launched in March 2023. Then the Eurosystem will launch a new system ECMS in April 2024. 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: