TARGET Services

TARGET Services explains the Eurosystem infrastructure that supports central-bank-money settlement, instant payment settlement, securities settlement and collateral management across T2, TIPS, T2S and ECMS.

The chapter is written as a practical operating story for banks, connecting history, liquidity, accounts, messages, settlement finality, testing, incident handling, reporting and reconciliation.

Use this chapter when you need to understand how TARGET Services affects real bank payment architecture rather than seeing T2, TIPS, T2S and ECMS as separate acronyms.

Related learning paths

• European Payments & Collections
• SEPA Payments and Collections
• Payment Life Cycle

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