[1][2] A fourth service, the Eurosystem Collateral Management System (ECMS), is to complement the TARGET suite in mid-June 2025.
[3] In 1993, as the Maastricht Treaty entered into force, central banks of the EU agreed that all of them should have an real-time gross settlement (RTGS) system, as some had already done in the previous decade.
[4]: 61 Its first version had a decentralized structure that consisted of the national RTGS systems of the 12 euro area member states plus those of Denmark (KRONOS), Sweden (E-RIX), and the UK (CHAPS) together with the ECB Payment Mechanism (EPM).
[5]: 14 The first TARGET was replaced with TARGET2, a more centralized system based on a Single Shared Platform (SSP), in stages from November 2007 to May 2008.
[8] In June 2015, TARGET2 participants were first allowed to open a Dedicated Cash Account (DCA) on the T2S platform, marking the start of the T2S service.