TARGET Services T2 – System Analysis Article Series
Part 1: Strategic & Business Context
Article 3
When I analyse payment infrastructures, I start with T2 Stakeholders. T2 sits at the heart of the euro payment system. Therefore, many parties depend on it, shape it, or govern it. In this article, I identify the key stakeholder groups in TARGET Services. I apply IREB CPRE thinking, so I examine interests, influence, responsibilities, and interactions. I rely on official Eurosystem sources and stick to traceable facts.
Why Stakeholder Analysis Matters for T2
In CPRE training, I treat stakeholders as sources for business analysis and of requirements, constraints, and risks. Therefore, missing a stakeholder means missing requirements. T2 combines Real-Time Gross Settlement (RTGS) and Central Liquidity Management (CLM). As a result, it affects payments, liquidity, monetary policy, and financial stability. Consequently, stakeholder clarity is not optional. It is essential.
The Eurosystem as the Primary Stakeholder
At the top, I place the Eurosystem. It includes the ECB and all euro-area national central banks. The Eurosystem owns and governs TARGET Services. It defines policy goals, functional scope, and operating rules. Furthermore, it mandates the operation of T2. Official documentation explicitly names the Eurosystem as a core stakeholder in TARGET-related systems. From a business analysis perspective, the Eurosystem acts as:
- System owner
- Policy authority
- Strategic decision maker
Central Banks as Operational Stakeholders
Next, I focus on central banks in their operational role. National central banks use T2 daily. They manage liquidity; they monitor minimum reserves; and they provide standing facilities. CLM user requirements show that central banks execute queries, authorise penalties, manage reserves, and broadcast operational messages through T2 .
Thus, central banks are:
- Primary users
- Regulatory enforcers
- Operational supervisors
Their requirements dominate availability, security, and auditability.
T2 Participants and Payment Banks
Payment banks form another critical stakeholder group. They connect directly or indirectly to T2, they submit payment orders, and they manage liquidity positions across RTGS, TIPS, and T2S. From a CPRE viewpoint, these banks are key business analysis and requirement sources. They need predictable processing, clear cut-offs, and reliable liquidity information.
CLM documentation confirms that banks query balances, initiate liquidity transfers, and rely on T2 for real-time settlement. Therefore, I classify payment banks as:
- Primary business users
- Performance-sensitive stakeholders
- Risk-exposed actors
TARGET Service Operator and 4CB
Another stakeholder often underestimated is the T2 operator. The 4CB builds, runs, and maintains T2 on behalf of the Eurosystem. They ensure availability, security, and business continuity. Operational documentation shows that the operator conducts continuity tests, security tests, and disaster recovery procedures for TARGET systems. In CPRE terms, the operator is:
- A technical stakeholder
- A constraint provider
- A risk-mitigation actor
Their requirements shape non-functional aspects.
Public Authorities and Oversight Bodies
Public authorities also matter. They do not operate T2 directly. However, they influence governance, regulation, and compliance. European institutions and national authorities monitor financial stability and payment system resilience.
They rely on T2 outputs and reports. T2 documentation explicitly refers to public authorities as stakeholders in TARGET-related infrastructures .
Thus, I treat them as:
- Indirect stakeholders
- Compliance drivers
- External constraint setters
Market Infrastructures and Connected Services
T2 does not stand alone. It interacts with T2S, TIPS, ECMS, and ancillary systems. Therefore, operators of these systems also qualify as stakeholders. Liquidity moves across services. Operational windows align. Failures propagate. CLM requirements clearly describe inter-service liquidity transfers and dependencies between T2, T2S, TIPS, and ECMS.
From a system analysis view, these are:
- Interface stakeholders
- Dependency stakeholders
- Availability-critical actors
Indirect Stakeholders: Society and the Market
Finally, I consider indirect stakeholders. End customers do not access T2. However, they depend on its reliability. Payment delays affect markets. Liquidity shortages affect trust. System outages affect economies. CPRE guidelines encourage identifying such indirect impact groups. Even if they never log in, they matter.
Stakeholder Overview at a Glance
From a CPRE-aligned perspective, I group T2 stakeholders as follows:
- Owners: Eurosystem
- Operators: 4CB / TARGET operator
- Primary users: Central banks, payment banks
- Regulators: Public authorities
- Interface partners: Other TARGET services
- Indirect stakeholders: Financial markets and society
This structure helps me derive complete and consistent requirements.
Conclusion
When I analyse T2, stakeholder clarity becomes my foundation. T2 supports monetary policy, payment stability, and financial trust. Therefore, its stakeholder landscape is broad and structured. By applying IREB CPRE thinking, I ensure that:
- No stakeholder gets ignored
- Requirements stay traceable
- Risks remain visible
For system analysis in payment infrastructures, this approach is not academic.
It is necessary.
For more content and documents, consult the European Central Bank’s pages on TARGET Services (opens in a new tab).