Central Banking

Target2: ready to go

Five years in the making, Europe's new large-value payments system, known as Target2, is ready to go live on 19 November.

"The platform is live and the teams stand ready to operate," said Jochen Metzger, head of payments, clearing and settlement at the Bundesbank.

Target 2 is the successor to the Trans-European Automated Real-time Gross Express Transfer, or Target, launched in 1999. The system has carried Europe through the first few years of the euro and in 2006 the value of payments processed

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