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.
These financial market infrastructure services include TARGET2 (for settling payments), T2S (for settling securities) and TIPS (a service for instant payments). All of them settle in central bank money.

Current services

• TARGET2 (T2) is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem.
• TARGET2-Securities (T2S) is the securities settlement platform.
• TARGET Instant Payment Settlement (TIPS) is the instant payment settlement service.

Upcoming services

• TARGET Consolidation is a project to replace TARGET2 with a new RTGS system and to optimise liquidity management across all TARGET Services.