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TARGET2 - an integrated Europe for individual payments Trans-European Automated Real-time Gross settlement Express Transfer system

TARGET2 stands for the second generation of the Trans-European Automated Real-time Gross settlement Express Transfer system and is the payment system used by Eurosystem central banks for the quick settlement of euro payments in real time. TARGET2 is operated on a single shared platform and replaced its predecessor TARGET on 19 May 2008 following a six-month migration phase, which took place in a number of waves. The Bundesbank migrated its national banking community as part of the first wave on 19 November 2007.

TARGET2 offers all participants a fully harmonised range of services. At the same time, the responsible central banks remain in charge of individual customer services. Furthermore, from a legal perspective, the TARGET2 system retains its multiple-layer structure, meaning that each central bank is regarded as a separate system operator. The German system is called “TARGET2-Bundesbank”.