TARGET Services Integration refers to connecting systems with the Eurosystem’s real-time gross settlement services. TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) provides essential market infrastructure for payment and securities settlement in Europe. Integration involves establishing technical and operational links to these services, allowing financial institutions to process large-value payments and securities transactions securely and efficiently. This connectivity is vital for participation in the European financial market.
Context
The European Central Bank (ECB) is actively exploring the potential for distributed ledger technology (DLT) to interact with or even enhance TARGET Services. Discussions involve how DLT platforms could integrate with existing TARGET systems for wholesale payments or securities settlement. The future may see hybrid models that bridge traditional financial infrastructure with innovative DLT solutions to improve efficiency and reduce costs in European financial markets.
Digitizing the €14 trillion Eurobond market via DLT establishes a foundation for T+0 settlement and enhanced capital efficiency across European debt markets.
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