TARGET

TARGET( Trans-European Automated Real-time Gross Settlement Express Transfer System) was an interbank payment system for the real-time gross settlement (RTGS) of cross-border transfers throughout the European Union. It included 17 national real-time gross settlement (RTGS) systems and the ECB payment mechanism (EPM). TARGET provided access to more than 1,000 direct participants and more than 48,000 credit institutions (including branches and subsidiaries). In November 2007 it was replaced by TARGET2.