EUROSYSTEM-T2

ECB Euro RTGS.

Definition

T2 runs on T2-T2S Consolidation platform. Volume 350K transactions/day, EUR 1.7 trillion/day. CLM (Central Liquidity Management) + RTGS. ISO 20022 HVPS+ messaging. Integrates TIPS (Target Instant Payment Settlement) for <10s.

Origin

TARGET2 launched 19 November 2007 ; T2 v1 launched 20 March 2023 (consolidation migration).

Example in context

A BNP Paribas to Deutsche Bank EUR 50M payment 5 May 2026 transits T2 — near-instant ECB money T2 settlement.

Related terms

• T2S — related securities rail.