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T2 / TARGET

RTGS

Replaced TARGET2 in March 2023, serves all Eurozone. Part of the consolidated TARGET Services platform alongside TIPS (instant payments) and T2S (securities settlement).

NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether T2 / TARGET is running normally.

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Dated items ClearingPost holds, each with its source and whether the date is confirmed

Deferred · no revised date

Changed

All recorded changes →

Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

  • MaintenanceNew Year's Eve — TARGET closing day
    cancelled in ClearingPost's register · was listed for 31 Dec 2026 · ECBsource ↗
  • Took effectTARGET Guideline: Guideline (EU) 2022/912 (ECB/2022/8), as amended (As amended by Guideline (EU) 2025/1889 (ECB/2025/28))

    Guideline (EU) 2025/1889 of 31 July 2025, published in the Official Journal (L series) on 19 September 2025; euro area national central banks apply its measures from 6 October 2025. It allows euro area central banks, at their discretion, to admit non-bank payment service providers established in the Union or the EEA as TARGET participants, with maximum holding amounts and penalties for breaching them, provides for TIPS One-Leg Out (OLO) credit transfer orders, and records that TIPS can operate on a cross-currency basis from 5 October 2025. Superseded as the latest amendment by Guideline (EU) 2026/1473. Earlier amending Guidelines (2024/2616, 2023/2415, 2022/2250) and the original Guideline of 24 February 2022 are not recorded as separate versions.

    took effect 6 Oct 2025 · European Central Banksource ↗

Rules & documents

All 5 documents ↓

The rulebooks, operating rules and standards documents ClearingPost holds for T2 / TARGET, each with its current version, or the latest published one when none is in force yet

Sources ClearingPost reads ECB · Authoritative (T1) · 11 of 14 fields carry a source and a recorded date · latest sourced entry recorded 1 Oct 2026 · evidence details ↓

Record · T2 / TARGET

Country
Eurozone (EU)
Currency
Euro (EUR)
Operator
ECB / Eurosystem
Type
RTGS
Operating Window
02:00–17:00 UTC · Mon–Fri
Year Established
2023
Tier?
Tier 1
ISO 20022?
Native
Region
Europe
Settlement Type?
Gross
Participants
957 direct (end-2024)
Avg Daily Transactions
431,067 (2025)
Avg Daily Value
€1,932.8B (2025)
Notes

In June 2026 TARGET began remunerating excess reserves in all TARGET accounts, including TIPS accounts, at the deposit facility rate and added rule-based liquidity transfers between TIPS dedicated cash accounts and T2 main cash accounts. After Swift deferred its Standards Release 2026, the Eurosystem moved the November 2026 T2, T2S, TIPS and ECMS release weekend from 14 to 28 November with unchanged scope, and T2 will temporarily accept fully unstructured postal addresses in RTGS messages. A market consultation on longer T2 operating hours is planned for late 2026 or early 2027.

ECB / Eurosystem official website →
Reference Sources
ECB
Authoritative (T1)Entry recorded Mar 13, 2026
Status →Incident History →Statistics →Operating Schedule →
ECB
Authoritative (T1)Entry recorded Jul 14, 2026
Status →
ECB
Authoritative (T1)Entry recorded Jul 14, 2026
Status →
Reference Documents
TARGET Operating Scheduleoperating schedule
ECB · recorded version 2026
Entry recorded Jun 5, 2026
View document →
T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)technical spec
European Central Bank · R2026.JUN
Latest recorded change

Release documentation set for T2 R2026.JUN listed on the official ECB T2 professional-use page (R2025.NOV retained as prior set). The page lists the T2 R2026.JUN release scope dated 28 April 2026 and the T2 R2026.JUN main milestones dated 12 November 2025. Individual UDFS and User Handbook document versions not extracted.

View document →
TARGET Services Annual Reportannual report
European Central Bank · 2025
Latest recorded change

Annual report on TARGET Services in 2025, covering T2, T2S, TIPS and the Eurosystem Collateral Management System (ECMS), which went live on 16 June 2025 as the fourth TARGET Service. T2 settled 111,910,103 payments in 2025, above the previous peak of 107,999,982 in 2024. Its boxes include the impact of the Instant Payments Regulation on liquidity in TIPS and TIPS cross-currency settlement and interlinking.

Entry recorded Oct 8, 2026
View document →
TARGET Guideline: Guideline (EU) 2022/912 (ECB/2022/8), as amendedregulatory textExternal document · European Central Bank
European Central Bank · As amended by Guideline (EU) 2026/1473 (ECB/2026/11)
Latest recorded change

Guideline (EU) 2026/1473 of 4 May 2026, published in the Official Journal of the European Union (L series) on 1 July 2026, amends the TARGET Guideline. It takes effect on notification to the euro area national central banks, which apply the measures in Annexes I and II from 15 June 2026 and those in Article 1(1) and (2) and Annexes III and IV from 14 November 2026. From 1 July 2026 holders of RTGS dedicated cash accounts (DCAs) choose between a monthly fee of EUR 400 with a fixed fee of EUR 0.80 per payment order and a monthly fee of EUR 5,000 with volume-based transaction fees. The Bank of Finland made corresponding changes to the rules of its TARGET component system (TARGET-Suomen Pankki), in force from 15 June 2026. EUR-Lex gives 15 June 2026 as the date of the current consolidated version of the TARGET Guideline.

Entry recorded Oct 8, 2026
View document →
CBPR+ Roadmap Beyond November 2025regulatory textExternal reference · SWIFT
SWIFT · June 2026
The document record does not show the T2 / TARGET operator as its publisher and does not name T2 / TARGET, so its dates are not shown as T2 / TARGET dates.
Latest recorded change

Updated CBPR+ roadmap (June 2026 edition) listing November 2026 (SR 2026) milestones: MT101 discontinued, non-compliant formats NAKd, only structured/hybrid postal addresses accepted; November 2027 legacy E&I formats discontinued, full Case Management mandatory; November 2028 MT 940/950/942 and MT 104/190/191 discontinued. On 27 August 2026 Swift applied a controlled extension of Standards Release 2026 that defers all payments changes, including the structured address requirement; Swift will provide an update on structured-address timing by December 2026 at the latest, and non-payments SR 2026 changes go live in Q1 2027.

Entry recorded Jun 5, 2026
View document →
See all RTGS systems →See all systems in Eurozone →ISO 20022 migration status →Payment rails by country →
Other systems in the same country or region
SEPA SCTACH
Eurozone · EUR · EPC / CSMs
SEPA SDDACH
Eurozone · EUR · EPC / CSMs
SEPA InstFPS
Eurozone · EUR · EPC / RT1 / TIPS
EURO1Hybrid
Eurozone · EUR · EBA Clearing
CHAPSRTGS
United Kingdom · GBP · Bank of England
BACSACH
United Kingdom · GBP · Pay.UK

Operations · T2 / TARGET

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Earlier incident records

Recorded before statement-level evidence existed: one source per record; facts and reports are not separated.

  • IncidentEarlier record, one source per record
    T2 non-optional maintenance suspending euro and Danish krone settlement
    Recorded date: · T2 / TARGET · Earlier incident record · Source: pymnts.com
    Source Established (T2) · Operator acknowledgement not recorded
  • IncidentEarlier record, one source per record
    T2 processing disruption
    Recorded date: · T2 / TARGET · Earlier incident record · Source: pymnts.com
    Source Established (T2) · Operator acknowledgement not recorded

Intelligence for T2 / TARGET (25)

Coverage whose headline or summary names T2 / TARGET, or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the T2 / TARGET operator or external.

NewsSep 8, 2026Headline names “TARGET”
Eurosystem Shifts November 2026 TARGET Services Deployment to 28 November
A two-week postponement pushes the T2, T2S, TIPS and ECMS release weekend to the end of November 2026 while leaving the planned functional scope of the releases unchanged.
Operator source · European Central Bank
NewsSep 3, 2026Summary names “TARGET”
EPC Holds 15 November Unstructured Address End-Date Pending 9 September Board Decision
The Eurosystem decided on 28 August to reassess its November 2026 TARGET Services releases with the European financial industry after Swift extended the Standards Release 2026 timeline.
External source · European Payments Council
NewsJul 7, 2026Headline names “T2”
ECB's T2 Payment System Suffers Second Outage in Eight Days
The ECB's T2 real-time gross settlement system experienced its second processing disruption in eight days on July 6. A software update deployed in June caused both incidents.
External source · Reuters (via EuropeSays)
NewsJul 7, 2026Headline names “T2”
T2 Suffers Two Processing Disruptions in Eight Days After June Software Update
T2 experienced processing incidents on June 29 and July 6, 2026. Both disruptions were traced to a software update deployed earlier in June.
External source · PYMNTS
AnalysisJun 30, 2026Headline names “TARGET”
Bulgaria Retires BISERA6 and Blink as Euro Adoption Shifts Payment Traffic to TARGET and TIPS
Bulgaria's accession to the eurozone on January 1, 2026 retired its domestic RTGS, batch clearing, and instant payment systems. All payment traffic now settles through the Eurosystem's T2, STEP2, and TIPS platforms.
External source · European Payments Council
RegulationJun 30, 2026Headline names “T2”
ECB Revises T2 RTGS Pricing from July 1 as Cost of Capital Rises 35-Fold
The Eurosystem's revised T2 RTGS pricing policy takes effect on July 1, 2026, with increased monthly dedicated cash account fees and recalibrated volume-based pricing bands. The adjustment reflects a cost of capital increase from 0.05% to 1.7755%.
Operator source · European Central Bank
NewsJun 27, 2026Headline names “T2”
T2 Settles €1.93 Trillion Daily in 2025 as Danish Krone Joins TARGET
T2 maintained 99.8% technical availability in 2025, with two incidents classified as having major impact.
Operator source · European Central Bank
NewsJun 25, 2026Headline names “T2”
SWIFT Ends IPLA and SIL Support on June 30, Affecting T2 and CHAPS Connectivity
Red Hat's decision to end support for Fuse, the open-source integration framework underpinning SIL, is the primary trigger. IPLA and SIL cannot fully support ISO 20022's structured data requirements that T2, CHAPS, and TIPS now mandate.
External source · Aqua Global
NewsJun 13, 2026Headline names “T2”
ECB Governing Council Approves Weekend Settlement Windows for T2 Liquidity Management
The Eurosystem will introduce short T2 settlement windows during most weekends within two years, addressing the liquidity management gap created by TIPS operating around the clock while T2 remains closed on weekends and holidays.
Operator source · European Central Bank (Governing Council Decisions)
RegulationJun 6, 2026Headline names “T2”
Eurosystem Commits to Weekend Settlement Windows for T2 Within Two Years
The Eurosystem published a phased roadmap on May 28 for extending T2 operating hours, committing to weekend settlement windows within two years. Medium-term options include near-24/7 CLM operation and extending RTGS toward a 24/5 schedule, with a second market consultation planned for late 2026 or early 2027.
Operator source · ECB Market Infrastructure and Payments
Showing 10 of 25 · View all intelligence →

Wider coverage that mentions T2 / TARGET (10)

These articles mention T2 / TARGET in their text but not in their headline or summary, so they are listed as context rather than as T2 / TARGET intelligence.

NewsJul 10, 2026Text mentions “T2”
SWIFT Blockchain Ledger Ready for Initial Use with 17-Bank Pilot
The ledger functions as an orchestration layer for bank-issued tokenized deposits, not as a payment system itself. Each bank maintains deposits on its own ledger while the shared platform coordinates transfers between participants.
External source · SWIFT
NewsApr 1, 2026Text mentions “TARGET”
Eurosystem Publishes Comprehensive Payments Strategy, Pontes DLT Settlement Set for Q3 2026
The ECB's new framework covers wholesale, business-to-business, retail, and cross-border payments, confirming a Q3 2026 launch for the Pontes tokenised settlement platform after 64 participants settled EUR 1.6 billion in 2024 exploratory trials.
Operator source · European Central Bank
NewsMar 26, 2026Text mentions “T2”
Eurosystem Accepts DLT-Issued Collateral from March 30 as Appia Roadmap Charts Path to Integrated Tokenised Market
From March 30, tokenised securities issued through DLT-enabled CSDs and settled via T2S become eligible as Eurosystem collateral. The ECB's Appia roadmap, published March 11, targets a fully integrated European tokenised market infrastructure by 2028, with the Pontes DLT settlement bridge scheduled for Q3 2026.
Operator source · European Central Bank
NewsMar 23, 2026Text mentions “TARGET2”
SWIFT Structured Address Mandate Looms as Industry Surveys Reveal a Third of Payment Providers Unprepared
Industry surveys reveal that only a third of payment service providers are fully prepared for the November 2026 SWIFT CBPR+ structured postal address mandate, while nearly half of banks report that their customer address data remains in legacy unstructured formats. The readiness gap raises operational risk for cross-border payment processing across every major RTGS system that connects to the SWIFT network.
External source · SWIFT
NewsMar 21, 2026Text mentions “TARGET”
ECB Recruits Payment Specialists to Define Digital Euro Integration Standards for ATMs and Retail Terminals
Two new workstreams under the ECB's Rulebook Development Group will develop technical specifications governing how the digital euro interacts with existing point-of-sale hardware and cash machines, with expert applications open until April 10 as the project enters its preparation phase ahead of a planned 2027 pilot.
Operator source · European Central Bank
NewsMar 19, 2026Text mentions “TARGET”
Euro Area Instant Credit Transfers Reach 23 Percent of All Transfers in First Half of 2025
EBA Clearing's RT1 instant payment service reported daily volumes rising steadily through 2025, averaging 6 million transactions per day by November and reaching 6.7 million on weekdays. The service recorded a single-day peak of 9.
Operator source · ECB Payments Statistics H1 2025
AnalysisMar 13, 2026Text mentions “TARGET”
Nexus Global Payments Appoints PayNet-NETS as Technical Operator, Indonesia Joins as Sixth Member
The BIS-initiated project to connect instant payment systems globally has taken its most concrete step yet. PayNet and NETS will build and operate the Nexus infrastructure, Indonesia has signed on as the sixth member, and the ECB is exploring a TIPS connection. With 1.7 billion people in the initial catchment, here is what the NTO appointment means for cross-border instant payments.
External source · Nexus Global Payments
GuideMar 11, 2026Text mentions “T2”
RTGS, ACH, and Fast Payment Systems: A Practitioner's Guide to Payment Rails
RTGS systems settle payments individually (gross) and immediately (real-time) in central bank money.
External source · BIS CPMI
GuideMar 11, 2026Text mentions “T2”
DNS, RTGS, and Hybrid Settlement: How Payment Systems Actually Clear and Settle
Understanding these models is essential for anyone working in payments - whether you are integrating with a new market's infrastructure, evaluating settlement risk, or simply trying to understand why a payment "cleared" but hasn't "settled.".
External source · BIS CPMI
MigrationMar 5, 2026Text mentions “T2”
ISO 20022 Migration Tracker: Who's Migrated, Who's Next
The global payments industry is migrating to ISO 20022. Here's the current status across major RTGS systems, SWIFT, and card networks.
External source · SWIFT
Not listed here: 21 tagged articles that do not mention T2 / TARGET. All coverage is in Insights.