TARGET2 is a payment system that enables EU banks to transfer money between each other in real time. This is known as real-time gross settlement (RTGS).

EU central banks and their national communities of commercial banks, more than 1,700 banks use TARGET2 to initiate transactions in euro, either on their own behalf or on behalf of their customers. Taking into account branches and subsidiaries, more than 55,000 banks worldwide (and all their customers) can be reached via TARGET2.

Source: https://www.ecb.europa.eu/paym/target/target2/html/index.en.html

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