T2S

TARGET2-Securities (T2S) is a Eurosystem platform that settles securities transactions in central bank money.

It combines securities settlement and cash settlement on one technical platform. Therefore, domestic and cross-border transactions can follow a consistent process.

The platform uses delivery versus payment. Securities and cash transfer together, or neither transfer occurs. As a result, this approach reduces settlement risk.

T2S connects central securities depositories, central banks, and other TARGET Services. Moreover, participants use dedicated cash accounts to provide liquidity for settlement.

A shared platform supports harmonised procedures across European markets. Consequently, financial institutions can reduce technical interfaces, manual steps, and operational complexity.

Strict schedules, processing rules, and system dependencies require reliable interfaces. In addition, teams must consider capacity, availability, recovery, and exception handling during system analysis.

The service supports secure settlement, market integration, operational efficiency, and consistent cross-border processing.