The official site of Italy's central bank

TARGET2

The launch of the European Monetary Union in 1999 required the creation of the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET), composed of the gross settlement systems of the 17 EU member countries and the European Central Bank. Ensuring secure, reliable and efficient execution of interbank payments in the euro area, TARGET made it possible to conduct the single monetary policy within the area in an effective manner and at the same time spurred process of financial and commercial integration among participating countries.
TARGET2, replacing the original TARGET system, began to be phased in on 19 November 2007. The new system uses a single shared platform created and managed by the Bank of Italy, the Deutsche Bundesbank and the Bank of France for the benefit of the European financial systems, which on the operational and legal plane refer to their respective central banks in accordance with harmonized rules.
The new system responds to banks' demand for harmonized, advanced services, particularly for liquidity management, to the needs arising from the enlargement of the European Union and the Eurosystem, to the request for greater efficiency through the implementation of advanced technological solutions, and to the new demands regarding business continuity.
The transfer to TARGET2 was completed on 19 May 2008 with the migration of the Italian financial marketplace.
The financial markets of the euro-area countries, together with Denmark, Estonia, Latvia, Lithuania and Poland, participate in TARGET2.

The section presents the legal, functional and technical characteristics of TARGET2.

• TARGET2 - ECB