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TARGET2 is a real-time gross settlement (RTGS) system used by central banks and commercial banks in order to make payments in Euro.

In simple terms, TARGET 2 works as follows:

  1. Bank A and Bank B both have accounts with a central bank.
  2. A payment in Euro is to be made from Bank A to Bank B.
  3. Bank A submits the payment instructions to TARGET2.
  4. Bank A’s account within TARGET2 is debited, and Bank B’s account within TARGET2 is credited – the payment is settled.
  5. TARGET2 transfers the payment information to Bank B.
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