Published: 21/7/2015 Modified: 6/12/2017
The TARGET2 is a payment system for the settlement of payment transactions in euro in real time on a gross basis. The TARGET2-HR national component started production operations on 1 February 2016.

The Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) is a system with the Single Shared Platform (SSP), jointly operated for the Eurosystem's benefit by the Banca d'Italia, the Banque de France and the Deutsche Bundesbank.

The European Central Bank is the main supervisory authority for TARGET2.

TARGET2 was developed by the EU central banks with the aim of enabling a safe and efficient settlement of (national and cross-border) payment transactions in euro on the RTGS (Real Time Gross Settlement) principle, and facilitating the implementation of EU monetary policy.

TARGET2 is a centralised system that offers the same level of service to all its participants, which in terms of its legal structure, consists of several RTGS payment systems, TARGET2 national components.

The planning and structuring of the national process of migration, setting up and operational management of the TARGET2-HR national component are the responsibility of the CNB.

The TARGET2-HR national component started production operations on 1 February 2016 in accordance with the National SEPA Migration Plan.

For more information: ECB's Target2



Decision confirming the compliance of TARGET2-HR with the criteria referred to in the Act on Settlement Finality in Payment and Financial Instruments Settlement Systems (OG 5/2016)


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