The European Central Bank announced the successful launch of the TARGET2, a new central payment system.

Today, the Eurosystem launched the new single payment system used for settlement in real time of predominantly high-value euro payments in central bank money. TARGET2 will successively replace the decentralised technical platforms operating under the name TARGET (Trans-European Automated Real-time Gross settlement Express Transfer system).

The launch of TARGET2 today saw the connection of the first migration group composed of the national central banks and users in Austria, Cyprus, Germany, Latvia, Lithuania, Luxemburg, Malta and Slovenia.

Three Eurosystem central banks – the Banca d’Italia, the Banque de France and the Deutsche Bundesbank – jointly provide the single technical infrastructure, the Single Shared Platform of TARGET2 and operate it on behalf of the Eurosystem. It is run by the Eurosystem under the responsibility of the Governing Council of the ECB.