Facts and figures
|Settlement model||Real-time gross settlement (RTGS) in central bank money|
|No of participants||1,050 Direct participants
697 Indirect participants
4,194 Correspondents worldwide
|No of ancillary systems||82 ancillary systems|
|Daily averages||344,120 payments
|Average transaction value||€5.0 million|
< €50,000 (70% of all TARGET2 payments)
> €1 million (9% of all TARGET2 payments)
|Share of total large-value payment system traffic in Euro||89% in terms of value
62% in terms of volume
|Payments processed in less than five minutes||100%
< 1 minute (99.9% of all enquiries)
1-3 minutes (0.10%)
|More information in the 2019 TARGET Annual Report|
|2020||Availability of TARGET2|
For TARGET2 the availability figures are measured only during the day trade phase from Monday to Friday 7 a.m. to 6.45 p.m. (7 p.m. on the last day of the minimum reserve period) on TARGET2 days, including all the extensions required to complete the operational day.
The availability measurement does not include systems or networks not directly managed by TARGET2 (in particular the availability of the SWIFT Connectivity Services).
Transit time in PM
|2020||<5 min||>5 min but <15 min||>15 min|
The transit time indicators for transactions in the Payments Module are measured within the TARGET2/SSP perimeters. The following payments are excluded from the measurement of the performance:
- payments not settled in the “entry disposition”;
- warehoused payments;
- payments stemming from Ancillary System Interface settlement procedures.
In order to neutralise the effect of the morning queue, which is considered a normal phenomenon, the first hour of operations is excluded when the TARGET2 processing times are calculated.
On 4 February an incident led to an around 1 hour 40 minutes long delay in the delivery of FIN outgoing messages. As a consequence, the transit time for the execution of payments exceeded 5 minutes for 0.28% of payments and 15 minutes for 0.72% of payments processed in February 2020.
On 16 March an incident led to an around 2 hour long delay in the delivery of FIN outgoing messages. As a consequence, the transit time for the execution of payments exceeded 5 minutes for 0.88% of payments and 15 minutes for 0.19% of payments processed in March 2020. The availability of TARGET2 in March was 99.15%.
Number of transactions settled per year
(left-hand scale: EUR billions; right hand scale: percentage)
Value settled per year (TARGET2 traffic)
(left-hand scale: EUR billions: right -hand scale: percentage)
Distribution of TARGET2 transactions across value bands