| Author (Corporate) | European Central Bank |
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| Publisher | EC |
| Publication Date | May 2014 |
| Content Type | Report |
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TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system. It is the Eurosystem’s real-time gross settlement system for the euro. The first-generation TARGET system was replaced by TARGET2 in May 2008. In TARGET2, the decentralised structure of the first-generation system was replaced by a single technical platform, or the “Single Shared Platform” (SSP), to which all payment orders are submitted for processing. Three Eurosystem central banks – the Banca d’Italia, the Banque de France and the Deutsche Bundesbank – jointly provide the SSP for TARGET2 and operate it on behalf of the Eurosystem. TARGET2,processed 2.1% more payments in 2013 than in the previous year, reaching an average daily volume of over 363,000 transactions. Meanwhile, the total value of payments decreased by 22.2% in comparison with the previous year on account of a new methodology for data collection, as reported by the TARGET Annual Report 2013, published by the European Central Bank (ECB) in May 2014. |
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| Source Link | Link to Main Source http://www.ecb.europa.eu/pub/pdf/other/targetar2013en.pdf |
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| Subject Categories | Politics and International Relations |
| Countries / Regions | Europe |
