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TARGET payment services: what are they and what can you do with them?

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Just like traffic, your money moves through the financial system via infrastructure. Thanks to this infrastructure, funds can be transferred from one account to another in a matter of seconds. The financial sector in the European Union uses a number of standardised systems, the TARGET Services: T2, TIPS, T2S and ECMS. Here you can find out what they are and what you can do with them.

This set of services is continuously updated by the central banks that together make up the Eurosystem. They assess whether the TARGET Services continue to meet market needs and whether they contribute to the further integration of the European financial markets.

These activities lead to tangible improvements in terms of efficiency and innovation. One example of this is Pontes, the Eurosystem’s Distributed Ledger Technology (DLT) solution. The aim of Pontes is to connect TARGET with market DLT systems, enabling transactions on DLT platforms to be settled in central bank money. In time, this initiative could develop into an additional TARGET service (see the ECB website for more information on this topic).

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