Traffic settled in the TARGET Services

Monthly statistics of traffic settled in the TARGET Services, which are owned and operated by the Eurosystem and currently comprise T2, T2S and TIPS. The T2 service comprises the Central Liquidity Management (CLM) service and the Real-Time Gross Settlement (RTGS) service.

Notes

TARGET commenced operations on 4 January 1999, a few days after the launch of the euro. TARGET2 was launched on 19 November 2007 and fully replaced the first-generation TARGET by May 2008. TARGET2-Securities (T2S) went live in June 2015. TARGET Instant Payment Settlement (TIPS) was launched in November 2018. The T2-T2S consolidated platform went live on 17 March 2023, leading to the replacement of TARGET2 with T2.

Due to the methodological changes resulting from the go-live of the T2-T2S consolidated platform, the T2 statistics may be subject to revisions in the first year of operations.

As of 2023, the statistics related to other euro large-value interbank funds transfer system (e.g., EURO1/STEP1) are no longer published.