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| Currency Settlement System | |
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| Euro |  |
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| Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET)is an EU-wide system for Euro settlement. TARGET provides individual real-time processing and intra-day finality. It is linked to 15 national real time gross settlement systems and ECB payment mechanism (EPM), therefore, provides a uniform platform for the processing of cross-border euro payments. |
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| TARGET is also used for end-of-day settlement of EURO1 (EBA) and for the euro payments between CLS Bank and its members. It has 1,560 direct participants and overall members using it is now more than 40,000. |
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| TARGET is available between 7:00am to 6:00pm C.E.T. (Central Europe Time), but customer payment cut-off at 5:00pm. In 2002, the domestic and cross-border settlement item was 64.5 million and total settlement amount was 395 trillion Euro which was the largest payment system in the world. |
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