TARGET2

TARGET2 is the current Real-Time Gross Settlement System of the Eurosystem (ECB and the Central Banks of the Eurozone) which replaced the old decentralized TARGET1-environment in several phases started in November 2007.

Clearstream Banking Frankfurt migrated their night-time cash clearing process from the domestic Bundesbank environment to the TARGET2 platform within the first migration phase in November 2007. The CBF daytime cash clearing processes was migrated to the new payment system in November 2008.