TARGET2 activity and developments in 2019

TARGET2 maintained its leading position in Europe’s payment market in 2019, accounting for the majority of the payments that were settled by large-value payment systems in euro in that year – 89% of those payments in value terms and 62% in volume terms. Its total turnover exceeded €440 trillion, while the total number of transactions processed stood at around 88 million. A total of 1,050 different financial entities made or received payments using TARGET2 last year, with cross-border payments accounting for 56% of all transactions.

The recently published TARGET Annual Report 2019 looks at the performance of the Eurosystem’s real-time gross settlement system over the course of last year and details the main developments in that regard. It reflects on TARGET2 participants’ responses to a survey about their current activities and plans for T2-T2S consolidation project. It also describes the steps that have been taken to strengthen endpoint security and detect fraudulent transactions in view of the changing information and cybersecurity landscape, as well as exploring other key issues from last year.

For more information, you can access that report here.