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What are the Target Services

Funds transfers between banks in the EU are processed by De Nederlandsche Bank (DNB) and the other central banks using a dedicated payment system: T2. There is a similar dedicated platform for securities transactions: TARGET2 Securities (T2S). Additionally there is TIPS for Instant Payments.

T2: euro payments in Europe

TARGET stands for Trans-European Automated Real-Time Gross Settlement Express Transfer. Over 1,700 banks use  T2 to carry out euro transactions, for themselves or on behalf of their customers. On average, 350,000 transactions are processed every day, with a total value of €1.8 trillion. Most of these involve large sums: the average transaction value is €5.3 million. More than two thirds of these transactions have a value of less than €50,000 and 12% have a value over €1 million.

T2: the role of DNB

T2 is a payment system for banks in the EU. It is managed by the eurosystem. T2 enables the free cross-border transfer of funds, and it supports the implementation of monetary policy. The central banks have an operational role: they are responsible for opening accounts and monitoring transactions. Funds transfers between retail banks are processed through their central banks. These transfers happen very quickly: 99.94% of transactions are processed in under five minutes.

T2: central banks' balances

Central banks can have outstanding balances with other central banks. Every national central bank holds a certain balance in T2 with the European Central Bank (ECB) as a result of cross-border payments. The balance is positive for creditors and negative for debtors. The ECB has data on DNB's and the other central banks' balance positions.

More information on T2

T2 is available every day of the week except weekends and the following days: New Year's Day, Good Friday, Easter Monday, Labour Day, Christmas Day and Boxing Day.

We have legal documentation, presentations and registration forms available for participants Please contact the  TARGET Services National Help Desk if you have any questions. Mail to targetservices@dnb.nl or call +31 20 - 524 3564.

You can also find information on the ECB-site.

TARGET2 Securities: securities transactions in Europe

TARGET2 Securities (T2S) is a platform for the settlement of securities transactions. DNB and the other central banks provide this platform, together with the central securities depositories (CSDs). T2S is used to process domestic and cross-border delivery-versus-payment transactions in central bank money. T2S is one of the largest infrastructure projects of the Eurosystem. Its motto is "settling without borders". The platform is heavily used: more than 750,000 transactions are settled daily (figures from February 2021). Retail banks, the EU central banks and the CSDs all use the T2S platform.

TARGET2 Securities: participants         

The platform for the settlement of securities transactions in euro is used by

  • almost all euro area countries
  • four non-euro countries: Denmark, Hungary, Romania and Switzerland.

Since October 2018, the Danish central bank has used T2S to settle delivery-versus-payment transactions in the Danish currency in central bank money. As more and more markets and currencies join the platform, the benefits for its users will increase. T2S perfectly ties in with the Eurosystem's ambition to create an integrated European capital market.

More information about T2S

We have legal documentation, presentations and registration forms available for participants. You can also find information on the ECB-site.

TARGET Instant Payment Settlement (TIPS) is a market infrastructure service launched by the Eurosystem in November 2018. It enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year. This means that thanks to TIPS, individuals and firms can transfer money between each other within seconds, irrespective of the opening hours of their local bank.

TIPS was developed as an extension of TARGET2 and settles payments in central bank money. TIPS currently only settles payment transfers in euro. However, the central banks of Sweden, Denmark and Norway have shown interest in joining TIPS and settle instant payments in their national currencies.

TIPS –  Direct or Instant payments for retail customers

TARGET Instant Payment Settlement (TIPS) is a market infrastructure service launched by the Eurosystem in November 2018. It enables payment service providers to offer fund transfers to their customers in real time and around the clock, every day of the year. This means that thanks to TIPS, individuals and firms can transfer money between each other within seconds, irrespective of the opening hours of their local bank.

TIPS was developed as an extension of TARGET2 and settles payments in central bank money. TIPS currently only settles payment transfers in euro. However, the central banks of Sweden, Denmark and Norway have shown interest in joining TIPS and settle instant payments in their national currencies.

What is TARGET Instant Payment Settlement (TIPS)? (europa.eu)

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