Slovenia's central bank, commercial and savings banks, and the Central Securities Clearing Corporation joined on Monday the new TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer) payment system.
The TARGET2 payment system is a centralised EU-wide real-time gross settlement system which will gradually replace the old TARGET system, established when the euro was introduced in 1999, Banka Slovenije said in a press release.
Like the older TARGET system, the purpose of TARGET2, launched today, is to facilitate real time settlement of predominantly high-value euro payments and urgent payments in central bank money, while inter-bank settlement is carried over on the accounts of banks held with the central bank.
Banka Slovenije says the establishment of the new system is a step towards integration, harmonisation and streamlining of European payment and settlement systems. It is particularly significant for banks.
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