Overview

TARGET2, the new European Real Time Gross Settlement (RTGS) system, went live on 19 November 2007, replacing the existing TARGET system. TARGET2 is based on the Single Shared Platform (SSP), developed by Banca d’Italia, Banque de France, and Deutsche Bundesbank. These three banks operate the system on behalf of the Eurosystem. TARGET2 participants access the SSP using the full set of SWIFT's messaging services: FIN, FIN Copy, InterAct, FileAct and Browse.

"In line with the banking community requirement, and comforted by the solid experience gained in the existing systems of the three providing central banks, the Eurosystem decided to use the matured and reliable SWIFT messaging services for the communication between the banking community and the SSP." — Lorenzo Giammo, SSP Project Team, Banca d'Italia - Head of Payment System Management Division, and Italy SWIFT User Group Chairman.