TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System (T2)) was launched in November 2007 and replaced the original TARGET system and therefore the decentralised structure of TARGET in May 2008. Three European central banks (Banca d`Italia, Banque de France and Deutsche Bundesbank) provide and operate the single RTGS platform,  named SSP (Single Shared Platform) on behalf of the Eurosystem. Credit institutions, established in the European Economic Area (EEA), could connect with T2 directly or indirectly. Most important in this area is the ISO Standard 20022 as well as message description by SWIFT (XML messages MX) and the connectivity to T2S.


Figure 1: TARGET2 and SSP structure

(cf. ECB, 2009)

The task of the  Central Bank is to  provide the account of each participant. Direct participants are supervised credit institutions established in the European Economic Area (EEA).


(vgl. ECB, 2012)

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