TARGET2  

About:

TARGET2 is the RTGS system for the euro, offered by the Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers as well as other euro payments. It provides real-time processing, settlement in central bank money and immediate finality. 

What is an RTGS?

A real-time gross settlement system (RTGS), such as TARGET2 is a payment system in which processing and settlement take place continuously ("in real time") rather than in batch processing mode. Like this, transactions can be settled with immediate finality. "Gross settlement" means that each transfer is settled individually rather than on a net basis.