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TARGET2 - Participation


TARGET2 provides open and competitively neutral access to large-value payments in euro without any size-related access criteria. In principle, credit institutions will be free to choose between direct or indirect participation.

Direct participation

Picture of the dircet TARGET participation [+] Direct participants must have their own RTGS account and their own Information and Control Module (ICM) connection. Supervised credit institutions established in the European Economic Area (EEA) are allowed to become direct participants. A direct participant may also hold several accounts in TARGET2, in which case these have to be assigned to different BICs. On demand, single BICs, which are generally used for internal purposes of a participant, may remain unpublished in the TARGET2 routing directory (“unpublished BICs”). Due to the liquidity pooling feature, several direct participants may also group their accounts to form a virtual account (only for accounts in the euro area) or may use the consolidated information feature. Furthermore, while participants may hold just one RTGS account, branches and subsidiary institutions belonging to the same group and located in EEA countries may also register using an autonomous BIC to send and receive payments directly (known as “multi-addressee access”).

Indirect participation

Picture of the indircet TARGET participation [+] Indirect participants, as a matter of policy, settle their TARGET2 payments via a direct participant, ie they do not have their own RTGS account and are not able to send or receive payments directly. Only credit institutions established in the EEA are allowed to become indirect participants. Indirect participants are recognised by the system operator. They benefit from the protection of the EU Settlement Finality Directive (in the countries where such protection has been granted).

Addressable BICs

Any branch or correspondent of a direct participant, irrespective of location, may be listed as an addressable BIC in the TARGET2 directory. From a technical point of view, there is no difference between indirect participants and addressable BICs. Legally, however, addressable BICs only provide routing information in the TARGET2 directory without any further legal consequences.

Communication with TARGET2

Account holders can access the TARGET2 Single Shared Platform (SSP) either via a SWIFT interface or a secure internet connection made available by the Eurosystem.


The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.
SWIFT's Secure IP Network (SIPN) forms the basis of the technical communications network used for exchanging payment messages and carrying out control functions. An account holder who wishes to use SWIFT must fulfil certain technical requirements.

Communication via a secure internet connection

Since 22 November 2010, direct participation in TARGET2 has become easier thanks to the provision of a modern and secure internet-based access to the TARGET2 single shared platform (SSP). As an alternative to SWIFT, the Eurosystem’s internet-based access provides a service, which can be used for managing accounts and liquidity and – where required – for settling a limited number of individual payments. It is designed in particular for users who require individual, cost-effective access to their Bundesbank's account. Internet-based access can be used for all account models.

To use the internet-based access, a Windows PC with an internet connection, an USB port, an internet browser (Internet Explorer or Firefox) and Java are required. Certification is effected using a token provided by the Bundesbank.

This communication path provides account holders with access to the TARGET2 Information and Control Module (ICM), allowing them to retrieve information (such as transaction information or statements of account) and to execute transactions (eg transfer of liquidity or capturing of payments).

The fee for internet-based access is €70 per month.

Account models

A range of account types are available on the TARGET2 SSP for meeting the varied requirements of all banks, including the Payments Module (PM) and the Home Accounting Module (HAM).You can find out more about the different account types on the following pages.

The HAM account – the starter account

Only certain functions are available using a HAM account. For instance, it can be used to transfer liquidity to accounts held by a direct TARGET2 participant for the purpose of making payments. A HAM account can be used to hold the minimum reserve or for recourse to the standing facilities. However, it is not possible to obtain intraday credit as this account type does not offer the option of a credit line. Individual payments and ancillary system settlement transactions cannot be executed using a HAM account. HAM account holders must settle these transactions, where necessary, using PM accounts (eg of third-party institutions). Although HAM account holders can still participate in open market operations, these must be settled via a PM account (eg of a third party institution).


The limited range of functions offered by the HAM account are reflected in the account fees.The Bundesbank has set a monthly fee of €20.00 for the HAM account, consistent with the account fee levied for an account in its internal Konto2 account management system.A fee of €0.25 will be charged for each transaction made using the HAM account (liquidity transfers).

The PM account – the all-rounder

A PM account is a fully-fledged account on the TARGET2 SSP, which facilitates the use of all functions in the Bundesbank's account management system, including the settlement of individual payments, ancillary system settlement (eg securities clearing activities via Clearstream) and the settlement of retail payment systems. The PM account can be used to obtain intraday credit and for recourse to the standing facilities as well as for holding the minimum reserve and settling open market operations. You have the possibility not to publish the BIC in the TARGET2-Directory. This option can be used if the individual payments shall be executed via third-party institutions, but all other transactions shall be settled via the own Bundesbank account.


A standard pricing scheme applies throughout Europe, which is attractive to both smaller credit institutions as well as to larger market participants, who account for a very large share of TARGET2 transactions.

Participants may choose between two options. Option A charges a monthly fixed fee of €150 plus an individual charge of €0.80 per transaction. Option B charges a monthly fixed fee of €1,875 coupled with a volume-based degressive charge ranging from €0.60 to €0.125 per transaction. Option B is the more attractive option when the number of transactions per month exceeds 8,625. In addition to the fixed fees and individual transaction fees, a monthly charge of €30 is payable where an institution would prefer not to publish BICs in the TARGET2 directory.

Option A

Monthly fixed fee: €150

Individual transaction fee: €0.80

Additional charge: €30.00 per month for not publishing the BIC in the TARGET2 directory.

Option B

Monthly fixed fee: €1,875

Forms for participation in TARGET2

Forms and a guideline concerning the acquisition of relevant data, can be found by following the link below.