TARGET is the RTGS system for the euro, offered by the Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers as well as other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.
TARGET was created by interconnecting national euro real-time gross settlement (RTGS) systems and the ECB payment mechanism. It went live in January 1999. The launch of the single currency necessitated a real-time payment system for the euro area
TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.
To better meet the users’ long-term needs and prepare for the enlargement of the euro area, the Eurosystem is currently developing the next generation of TARGET (TARGET2).back to top