With its full name Trans-European Automated Real-time Gross Settlement Express Transfer System 2 is a RTGS system for Eurozone and is available for some non-Eurozone countries which wish to participate in it.
TARGET2 is based on an integrated central technical infrastructure, called the Single Shared Platform (SSP). Payment transactions in TARGET2 are settled one by one on a continuous basis, in Central Bank money with immediate finality, in euros and other participating currencies. There is no upper or lower limit for the value of payments. It is operated on a single technical platform, with regard to the value processed it is one of the biggest Payment Systems in the world. Currently, there are 1,076 Directly Participating Financial Institutions, 701 Indirectly Participating Financial Institutions and 5,072 Correspondents.
It works in the same manner as all other Clearing Systems.