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Spotlight PEPPOL BIS Billing 3.0 The EU e-invoicing mandate is here — France Sept 2026, Belgium Jan 2026, Germany 2025.

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Foundations

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Standards

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Flagship messages

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Tools

TARGET2-DETAIL

TARGET2 detail Eurosystem RTGS T2 migration ISO 20022 2023.

Definition

T2 (new generation TARGET) architecture March 2023+: (1) Central Liquidity Management (CLM): centralized liquidity hub for all Eurosystem services (T2 + T2S TARGET2-Securities + TIPS TARGET Instant Payment Settlement), banks maintain single Main Cash Account MCA + multiple Dedicated Cash Accounts DCAs per service. (2) RTGS service: real-time gross settlement high-value EUR payments, ISO 20022 native pacs.008 + pacs.009 + pacs.002 + admi + camt messages (replaced legacy MT103 + MT202 + MT900 + MT910 SWIFT MT messages). (3) T2S (TARGET2-Securities, separate launched 2015): pan-European CSD-as-a-service for securities settlement in central bank money. (4) TIPS (TARGET Instant Payment Settlement, launched 2018): SCT Inst SEPA instant payments settlement infrastructure ~10000+ PSPs reachable. (5) ECMS (Eurosystem Collateral Management System, launched 2025): harmonized Eurosystem collateral management. Direct Participants: ~1000 banks Eurozone + non-EUR participating banks 2024. Indirect Participants ~5000+ smaller banks via direct correspondents. Operating hours 02:30 - 18:00 CET business days. Cost: ECB fee schedule (TARGET Services Pricing Guide) tiered + volume discounts. T2 migration challenges 2023: massive industry-wide ISO 20022 migration simultaneously SWIFT CBPR+ (cross-border) + T2 (Eurosystem) + Fedwire Fedwire ISO 20022 migration USA March 2025 (postponed multiple times).

Origin

TARGET (1999) ; TARGET2 (November 2007 consolidated national RTGS) ; T2-T2S consolidation launched March 2023 ; ECMS launched 2025.

Example in context

European bank EUR 50M interbank loan settlement: Deutsche Bank sends pacs.009 ISO 20022 EUR 50M to BNP Paribas via T2 RTGS service, Deutsche Bank MCA at Bundesbank debited + BNP Paribas MCA at Banque de France credited real-time via ECB T2 central liquidity, pacs.002 status confirmation returned ~seconds, irrevocable settlement, both banks reconcile via camt.054 BankToCustomerDebitCreditNotification.

Last updated: May 16, 2026