TARGET2

TARGET was built by linking together the different RTGS structures that already existed at national level as there was not sufficient time to develop a single system. However, this decentralised structure proved inefficient and costly in the long term. TARGET2 came into being as a redesign of TARGET and offers harmonised core services on a single technical platform. The Banque de France, Deutsche Bundesbank and Banca d'Italia - known as the 3CB - were given the tasks of developing the new platform and acting as a service provider on behalf of the Eurosystem. TARGET2 was launched on 19 November 2007 and fully replaced the first-generation TARGET by May 2008... Payment orders are submitted to the platform for processing and are settled one by one on a continuous basis in central bank money, with immediate finality. There is no upper or lower limit for their value. TARGET2 is used by central banks and commercial banks for monetary policy transactions, interbank payments and commercial..

Primary location: Washington D.c. United States