What is TARGET2?

TARGET2 definition and meaning on Finance terms:
The second-generation TARGET system. It settles payments in euro in central bank money and functions on the basis of a single IT platform, to which all payment orders are submitted for processing. This means that all payments are received in the same technical form. TARGET2 is legally structured as a multiplicity of RTGS systems (TARGET2 component systems). See also
real-time gross settlement (RTGS) system<