Functional documents
Following documents explain mainly the structure and the functionalities of T2. They provide the possibility for new participants to get familiar with T2 and to take a deep dive into the subject.
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The Information Guide for TARGET participants (Infoguide) aims at providing TARGET participants with a comprehensive set of information regarding the functioning of the future system as well as the operational procedures to be followed during normal operations but also in the case of incidents.
- Part 1 – Fundamentals
- Part 2 – CLM & RTGS
- Part 3 – TIPS
- Part 4 – T2S-cash
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as of 22 April 2025
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The Business Description Document gives participants a condensed overview of the TARGET2/T2S consolidation and the changes associated with the new T2 service and the common components. Basic configuration options and functionalities are described from different viewpoints – such as from a treasury or ancillary system perspective, for example.
The Business Description Document is designed to give participants and interested readers a sound introduction to the topic. It provides the foundation for a deeper understanding of the subject matter through detailed functional documents such as the User Detailed Functional Specifications.
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The user requirements form the basis for the new central liquidity management (CLM), the future range of services in RTGS and the design of the common components.
The user requirements were formulated in close cooperation with the market as part of the former Task Force on future RTGS Services.
T2 Release R2025.JUN
Ich weise darauf hin, dass ich das Feld zur Barrierefreiheit (unten) angekreuzt habe, um den Workflow weitergeben zu können. Vermutlich wurden die Dokumente nicht (komplett) gemäß BITV barrierefrei erstellt. Es handelt sich um Dokumente, die im Eurosystem harmonisiert sind und genauso auf der Internetseite der EZB veröffentlicht wurden. Eine entsprechende Umwandlung ist nicht möglich.
T2 Release R2024.NOV
T2 Release R2024.JUN
T2 Release R2024.JUN
with revisions
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The User Detailed Functional Specifications form the core of the application-to-application (A2A) connection to the central liquidity management (CLM) settlement service, RTGS and the common components. As well as a detailed description of the future functionalities, these documents contain all the information that participants need to adapt their applications to successfully connect with CLM, RTGS and the common components. In particular, it provides detailed information on the ISO 20022 messages used in CLM, RTGS and the common components.
The User Detailed Functional Specifications contain links to the relevant usage guideline in MyStandards for all the messages described.
T2 Release R2025.JUN
T2 Release R2025.JUN
with revisions
T2 Release R2024.NOV
T2 Release R2024.NOV
with revisions
T2 Release R2024.JUN
T2 Release R2024.JUN
with revisions
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The user handbooks are intended to support the use of future graphical user interfaces (GUI) in T2 (i.e. CLM and RTGS) and common components. They contain detailed information on all GUI screens and step-by-step instructions on typical workflows.
T2 Release R2025.JUN
T2 Release R2025.JUN
with revisions
T2 Release R2024.NOV
T2 Release R2024.NOV
with revisions
T2 Release R2024.JUN
T2 Release R2024.JUN
with revisions
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Communication with TARGET Services in application-to-application mode is carried out via ISO 20022-compliant messages. While the basic features of the messages are described in the respective User Detailed Functional Specifications (UDFS), the specific usage guidelines can be found in the online portal “MyStandards”, which is supported by SWIFT. To access the messages provided there, users have to complete a one-off registration process.
Additionally, the SWIFT MyStandards Readiness Portal allows institutions to test the messages they have developed for the TARGET2/T2S consolidation project, thereby checking the compatibility of their messages with the message formats described in the UDFS and provided in MyStandards. The SWIFT MyStandards Readiness Portal is available to all participants – regardless of the network service provider through which they will connect to the future platform.
The document "MyStandards + Readiness Portal User Manual" describes the registration process for MyStandards, the functionality of MyStandards Readiness Portal, and certain rules to follow when testing sample messages.
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The ESMIG Qualified Configurations describe the technical requirements on the user side to access the T2S, TIPS, ECMS, RTGS, CLM and CRDM GUI via the ESMIG web portal. A special section is dedicated to the description of the technical framework needed to fully implement the Non-Repudiation of Origin (NRO) functionality.
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The TARGET Services Connectivity Guide describes in general terms the connectivity to the Eurosystem Single Market Infrastructure Gateway (ESMIG). The ESMIG provides a single access point for directly connected actors to access TARGET Services. Access to the ESMIG is provided by the two Network Service Providers (NSP) selected by the Eurosystem, which are SIA-COLT and SWIFT.
The connectivity guide is applicable for T2S, T2 and TIPS and is valid for both production and test environments.
Please keep in mind that this connectivity guide only is not sufficient to achieve the connectivity to ESMIG. All NSPs specific steps and technical details to achieve the connectivity to TARGET Services are described in the relevant NSP related documentation.
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The Starting Guide helps T2 Service participants enter the reference data needed to be able to send and receive liquidity management and payment messages and use the T2 Service’s basic functions.
It assists users in configuring the basic and most important reference data, and summarises the sequence in which the necessary entries have to be made.
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The Eurosystem provides so-called "explainers" with the intention of explaining various issues across UDFS in more detail. In general, explainers are based on increased customer enquiries on these topics, which have revealed an additional need for a comprehensive and condensed presentation of these specific issues.
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Change requests to URD, UDFS, User Handbooks and other functional or technical documents are managed in the Eurosystem via a formalised change request process. Change requests in the context of the consolidation project can be found under the link below in the "Change requests" section under "Technical/functional documents".
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Besides the functional documents there are further information that are not directly related to the functioning of T2. There are for example the TARGET Services Pricing Guide, further information on the T2 Ancillary System Settlement Procedures, Questions and Answers on Co-Management as well as a Glossary.
TARGET Services pricing quide
The TARGET Services pricing guide provides a comprehensive overview of the pricing schemes for Central Liquidity Management (CLM), the RTGS service component, T2S and TIPS. Furthermore, it gives a detailed explanation of the billing principles for the functionalities of RTGS (including ancillary systems), the cash-related part of T2S and TIPS after the T2/T2S consolidation project go live in November 2022.
RTGS ancillary system settlement procedures
Several ancillary systems, such as retail payment and high-value payment systems as well as central couterparties, are connected to the T2 service of the TARGET system. In particular, the T2 RTGS settlement service provides five dedicated settlement procedures, A to E, which are tailored to the specific needs of the individual ancillary systems. All five settlement procedures are available for the settlement of transactions with ancillary systems during daylight and night-time settlement. The following document provides an overview of the settlement procedures and the envisaged settlement times of the individual ancillary systems.
FAQ on Co-Management
With the co-management functionality, the administration of MCAs of other participants will be possible. Participants who are connected via a co-manager do not need an own ESMIG access, they will use the technical connection of the co-manager. In this context, the following document provides answers to frequently asked questions about co-management.
Glossar
The T2 Glossary explains the main abbreviations and terms used in the T2 context. It serves as a useful tool to help you study the functional project documentation and quickly look up the terms used in the TARGET2/T2S consolidation project.