Trans-European automated real-time gross settlement express transfer

(TARGET).

A payment system composed of one real-time gross settlement (RTGS) system in each of the countries of the European Union (EU) plus a number of non-EU countries and the European Central Bank (ECB) payment mechanism.

The domestic RTGS systems and the ECB payment mechanism are interconnected according to common procedures (interlinking) to allow cross-border transfers throughout the EU to move from one system to another.

See also

• Gross settlement system
• Interlinking
• Payments and payment systems
• Real-time gross settlement system
• TARGET2