The term TARGET stands for:
Trans-European automated realtime gross settlement express transfer
TARGET stands for Trans-European Automated Real-Time Gross Settlement System
Is a clearing system that settles all Euro payments in the Euro area between the European Central Bank (ECB) and the central banks of the European countries that have introduced the Euro. The system connects the banks via the SWIFT network and operates both as an automated clearing house (ACH) as well as a real-time gross settlement system (RTGS). Target2 has been in use since 2007 and the banks are connected to the system via the SWIFT network. The replacement of TARGET by the T2 platform, has been announced for the end of 2021 and will also bring the adoption of the ISO 20022 standard.
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