It is operated by the European Central Bank and is the critical payments infrastructure of the euro area.
[2] In addition to payments in euros, T2 allows settlements in other currencies of the EU if the respective central bank opts for it.
[4] The transition to T2 also entailed the phasing out of national settlement systems that had been kept e.g. for overnight deposit and intraday credit provision.
That places TARGET2/T2 turnover below CLS and Fedwire but above BOJ-NET (Japan) and CHAPS (United Kingdom), as has been the case throughout the previous decade.
[5]: 2 As of end-2023, T2 had 956 direct participants holding an RTGS account, opening access to T2 settlement to 5,368 correspondents worldwide.