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. The new consolidated platform will be launched in November 2021.

New RTGS system

TARGET2 has been running smoothly for over a decade, ensuring safety and efficiency in European payments. However, payments have changed significantly in the meantime due to technological developments, regulatory requirements and changing consumer demands.

The new RTGS system will offer the market enhanced and modernised services. The messaging standard ISO 20022 will be used, which is also the case for T2S and TIPS. The new system will also be able to facilitate payments in several currencies, if so decided by the respective central bank.

Read more about TARGET Consolidation on the European Central Bank's website.

Queries

Queries in relation to the TARGET Consolidation project may be sent to the Central Bank at Miprojects@centralbank.ie.