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SSP Release 12.0

T2, one of the TARGET Services, has now replaced TARGET2 as the Eurosystem’s real-time gross settlement (RTGS) system. This change will be soon reflected on our website.

Defining the release content is subject to a pre-agreed change management process. User communities can submit change requests in a 1st User consultation. On the basis of these change requests the Eurosystem shortlists those requests which can be envisaged for the release. In a 2nd User consultation users can express their support for these change requests. The Eurosystem decides on the final release content on the basis of the user consultations and on a cost-benefit analysis for each change request.

Technical documentation

User detailed functional specification

ICM Handbook

System specification

Testing

• Go live of SSP Release 12.1 on 27 May 2019
• Communication on SSP Release 12.1: Update on testing status (2)
• Communication on SSP Release 12.1: Update on testing status (1)
• Confirmation of the Start of User Testing of the release 12.1
• Confirmation of the Start of Acceptance Testing for SSP release 12.1
• Communication on bug fix release for SSP release 12.0
• Communication to users on the testing for SSP release 12.1
• Go live of SSP Release 12.0 in November 2018
• Guide to TARGET2 User Testing (updated for TIPS)
  • Annex 2 — Interoperability testing (updated for TARGET2 release 12.0)
  • Annex 2 — Interoperability testing (updated for TARGET2 release 12.1)

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  What is TARGET2?

  T2, one of the TARGET Services, has now replaced TARGET2 as the Eurosystem’s real-time gross settlement (RTGS) system. This change will be soon reflected on our website.

  TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. Central banks and commercial banks can submit payment orders in euro to TARGET2, where they are processed and settled in central bank money, i.e. money held in an account with a central bank.

  TARGET2 settles payments related to the Eurosystem’s monetary policy operations, as well as bank-to-bank and commercial transactions.

  Every five days, TARGET2 processes a value close to the entire euro area GDP, which makes it one of the largest payment systems in the world. More than 1,000 banks use TARGET2 to initiate transactions in euro, either on their own behalf or on behalf of their customers. Taking into account branches and subsidiaries, more than 52,000 banks worldwide and all their customers can be reached via TARGET2.

  In response to changing market demands, the Eurosystem has launched a review of its RTGS services. The objective is to consolidate the technical and functional aspects of TARGET2 and T2S, with the aim of improving efficiency and reducing operating costs.

  Objectives of TARGET2

  • Support the implementation of the Eurosystem’s monetary policy and the functioning of the euro money market
  • Minimise systemic risk in the payments market, i.e. the possibility of a single actor causing an entire market to collapse
  • Ensure the efficient processing of cross-border payments in euro

  By meeting these objectives, TARGET2 enables payments to flow safely and efficiently across Europe, and contributes to the stability of the euro.

  How does TARGET2 work?

  Payment orders are submitted to the platform for processing and are settled one by one on a continuous basis in central bank money, with immediate finality. There is no upper or lower limit for their value. TARGET2 is used by central banks and commercial banks for monetary policy transactions, interbank payments and commercial payments.

  The availability and cost of liquidity are two crucial issues for the smooth processing of payments in RTGS systems. TARGET2 has a range of features allowing efficient liquidity management, including payment priorities, timed transactions, liquidity reservation facilities, limits, liquidity pooling and optimisation procedures.

  TARGET2 is open for the processing of payments every working day from 07:00 to 18:00 CET. The system is closed on the following days:

  • 1 January (New Year’s Day)
  • Good Friday
  • Easter Monday
  • 1 May (Labour Day)
  • 25 December (Christmas Day)
  • 26 December

  Participation

  TARGET2 is used to carry out monetary policy operations in the euro area. The central banks of EU Member States which have not yet adopted the euro also have the option to participate in TARGET2 and settle transactions in euro via the platform.

  Other financial institutions can connect to TARGET2 via a participating central bank. They can choose from several different access options:

  • Direct participant: a financial institution established in the European Economic Area (EEA) that holds an RTGS account in central bank money in TARGET2, sends and receives payments on its own behalf or on behalf of its customers
  • Indirect participation: a financial institution established in the EEA that sends and receives payments via a direct participant in TARGET2
  • Multi-addressee access: branches and subsidiaries of a direct participant in the EEA that are authorised to channel payments through the account of the direct participant
  • Addressable BIC: a correspondent of a direct participant that holds a Bank Identifier Code (BIC), irrespective of its place of establishment

  TARGET: the predecessor of TARGET2

  TARGET2 replaced the first-generation RTGS system for the euro. TARGET commenced operations on 4 January 1999, a few days after the launch of the euro. The single currency needed a payment service to support monetary policy operations and to settle euro payments across national borders in the EU.

  TARGET was built by linking together the different RTGS structures that already existed at national level as there was not sufficient time to develop a single system. However, this decentralised structure proved inefficient and costly in the long term. TARGET2 came into being as a redesign of TARGET and offers harmonised core services on a single technical platform. The Banque de France, Deutsche Bundesbank and Banca d’Italia – known as the 3CB – were given the tasks of developing the new platform and acting as a service provider on behalf of the Eurosystem. TARGET2 was launched on 19 November 2007 and fully replaced the first-generation TARGET by May 2008.

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  TARGET Services

  TARGET Services are a number of services developed and operated by the Eurosystem which ensure the free flow of cash, securities and collateral across Europe.

  These financial market infrastructure services include T2 (for settling payments), T2S (for settling securities), TIPS (a service for instant payments) and ECMS (a service for collateral management). All of them settle in central bank money.

  The Eurosystem also engages in a number of initiatives which aim to promote efficiency and innovation and ultimately achieve greater integration in financial markets in Europe. In line with its strategy, the Eurosystem is investigating ways to enhance its financial market infrastructure so that it continues to meet the needs of the market, stays ahead of cyber security challenges and keeps up with the latest technological developments.

  Current services

  • T2 is the real-time gross settlement (RTGS) system
  • TARGET2-Securities (T2S) is the securities settlement platform
  • TARGET Instant Payment Settlement (TIPS) is the instant payment settlement service

  Upcoming services

  • The Eurosystem Collateral Management System is a unified system for managing assets used as collateral in Eurosystem credit operations.

  Governance

  The Market Infrastructure Board (MIB) is a streamlined management body in charge of Eurosystem initiatives in the field of market infrastructure. It is responsible for the day-to-day operation of T2, TIPS and T2S, as well as for the management of all Eurosystem projects in the area of market infrastructure and payments.

  Enhancing our services

  The Eurosystem is constantly working towards enhancing the safety and efficiency of its market infrastructure and exploring innovation.

  Follow TARGET Services

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