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TARGET Services

TARGET Services are a number of services developed and operated by the Eurosystem that settle in central bank money.

These include TARGET2 (for settling payments), T2S (for settling securities) and TIPS (for settling instant payments). 


Developments in TARGET Services

Developments in TARGET Services result from a project of the Eurosystem (TARGET Consolidation) to increase efficiency and integration of financial markets in Europe. This project plans to replace TARGET2 and implement a new real-time gross settlement system, optimising liquidity management across all TARGET Services.

In the future, TARGET Services will consist of T2, T2S and TIPS. 

T2 will include CLM (Central Liquidity Management) and RTGS (Real-Time Gross Settlement). The CLM platform will be used for settlements with the central bank. The RTGS system will be used for the settlement of interbank payments, customer payments and ancillary system settlements.


This project will use the messaging standard ISO 20022 and give access to the services from a single entry point.

As the project will be implemented following a big-bang approach, participants that do not migrate to the new platform on the go-live date in November 2022 will be unable to make settlements in central bank money.