INTERNATIONAL EUR PAYMENTS FOR FINANCE INSTITUTIONS AND FINTECH COMPANIES. TARGET2 CONNECTION
TARGET2 access more than 55 000 banking institutions in EU/EEA area and Worldwide. It enables fast payments in EUR between the European central banks, commercial banks, and other financial institutions around the World. TARGET2 system owned and operated by the European Central Bank (ECB) and Eurosystem.
TARGET2 provides an alternative to SWIFT sending and receiving payments in EUR worldwide. SWIFT connection and creation of own correspondent banking network is complicated and takes lot of time.
More than 55000 banking institutions around the world use TARGET2. It includes 1700 banks and their branches and subsidiaries worldwide. Other financial institutions using correspondent banking services of TARGET2 connected banks can be reached via TARGET2. Non-European banks access TARGET2 through their European branches or through their correspondent banking network.
TARGET2 does not requires creation of own correspondent banking network. It works through the European commercial banks and their international branches. Banks settle the payments through their clearing accounts with the central banks.
TARGET2 are for EUR payments only. Euro (EUR) is the national currency in most of EU member states and world’s second most widely spread currency after the USD. Payments in TARGET2 are instant.
Non-banks such as Payment and Electronic Money Institutions allowed to join TARGET2. Non-banking payment service providers such as licensed Payment Institutions and Electronic Money Institutions can join TARGET2 directly and send/receive international EUR real-time payments as a bank.
– Investigation of the client business model, business needs, risks associated and possibilities to join TARGET2.
– Consultancy on the requirements to be met for TARGET2 connection.
– Assistance in client licensing or other authorization procedures.
– Representation during TARGET2 connection procedure.
– Assistance in the preparation of the client internal AML/KYC policies and procedures.
– Assistance in getting SWIFT BIC codes.
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