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TARGET Consolidation project

This page is primarily relevant to TARGET2 participants who access the TARGET2 system via DNB.

TARGET Consolidation: What is it?

The Eurosystem has launched a project to consolidate TARGET2 and T2S, in terms of both technical and functional aspects. The objective is to meet changing market demands by replacing TARGET2 with a new real-time gross settlement (RTGS) system and optimising liquidity management across all TARGET Services. DNB is the central bank in charge of opening and maintaining accounts in the TARGET-NL segment of the TARGET2 system.

Credit and Liquidity Management - CLM

Why this page?

Since the TARGET Consolidation is a Eurosystem project, both the Eurosystem - i.e. the ECB and all EU central banks with the euro as national currency - and DNB as one of the Eurosystem central banks have a role to play. Information which is shared on Eurosystem level is mostly published on the ECB website – e.g. UDFS User Defined Functional Specifications and the project’s milestones planning. DNB’s website provides information specific to DNB or requested from the TARGET2 participants who have opened accounts via DNB.

Useful links on www.ecb.europa.eu.

TARGET Consolidation on the ECB website:

Note: the link to governance information gives access to information from other parties made public in the Payments & Markets domain. Filtering is possible using a search term e.g. T2/T2S, AMI-Pay or Instant Payments.

Network Service Provider

Swift and Sia-Colt are the two Network Service Providers that were awarded NSP concession contracts after the Eurosystem NSP section tender procedure. Both NSPs are bound by maximum prices and provide services for low volume access. You need to select your own NSP. The Eurosystem takes no role in this process other than your successful selection in your readiness report to DNB.

Readiness Reporting

The Eurosystem imposes readiness reporting on all its account holders because of the magnitude of the TARGET consolidation project, with the introduction and mandatory use of ISO20022 messaging. The results of the readiness reporting will be made public on the ECB website.

Registration Form

The new Registration Form replaces all Target Registration forms


The User Testing calendar provides information on each testing day. Only the active version is provided.

Migration Weekend (Dress) Rehearsals

The MW(D)R documents provides further information on steps to be taken in preparation to and during the Migration Weekend (Dress) Rehearsals.

Information sessions

Q&A - Information


Service Desk
TARGET2/T2S+31 20 524 3564

De Nederlandsche Bank N.V.
Payments and Collateral Services Department
Section Payment Services

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