TARGET2 performance in 2021

10 June 2022

In 2021, TARGET2 processed more than 96 million transactions – the highest number since its launch in 2008.

The TARGET2 Annual Report 2021 looks at the main developments in the system over the year, as well as its performance, traffic and turnover. The report also includes boxes that focus on aspects of particular relevance in 2021, such as the evolution of traffic in TARGET2, the implementation of the TIPS pan-European reachability measures, and cross-border payments in TARGET2 from an international perspective.

TARGET2 processed 90% of the total value settled by large-value payments systems in euro, thereby maintaining its leading position in Europe. The system’s traffic rose by 8.7% and its turnover increased by 4% during the year, reaching €484.3 trillion. TARGET2 also achieved the ultimate technical availability of 100%.

TARGET2 experienced its highest daily turnover of 2021 on 24 December, with a total value of €2,772 billion. Its highest daily number of payments was recorded on 6 April, with a total of 580,290 processed transactions.

TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. The system is used by central banks and more than 1,000 commercial banks to process and settle euro payment orders in central bank money. Over 43,000 banks worldwide (including branches and subsidiaries), together with their customers, are accessible through the system.