T2

T2 is a real-time gross settlement system where payments in euros between central banks and commercial banks are settled in accounts held at central banks. T2 connects approximately 40,000 banks and their clients around the world, with almost 1,000 banks participating directly in the system.

Objectives of T2

• Support the monetary policy and money market of the euro area. T2 settles all open market operations and standing facility transactions (deposit and lending) conducted by euro area central banks, as well as interbank money market transactions. It also manages the minimum reserve requirements that credit institutions must hold at central banks.
• Reduce risks in the payments market. T2 settles claims and obligations between banks that arise in other payment systems.
• Ensure the efficient processing of euro payments. Domestic and cross-border payments are processed at the same speed in T2. Customer payments are settled on business days between 8:00 and 18:00 EET, and interbank payments between 8:00 and 19:00 EET.