What is TARGET2?
Updated over a week ago

Eurosystem payments run on TARGET2.

TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. Central banks and commercial banks can submit payment orders in euros to TARGET2, where they are processed and settled in central bank money, i.e. money held in an account with a central bank.

Every five days, TARGET2 processes a value close to the entire euro area GDP, which makes it one of the largest payment systems in the world.

Most TARGET2 transfers will be completed within a few hours.

You should not need to instruct the sending bank specifically to use Target2. However, if asked how to send a payment to your EUR account then you should instruct them to use Target2.

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