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) 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

• Interlinking
• Real-time gross settlement system
• TARGET2