TARGET

Published: 04.04.2015 Updated: 17.07.2024

Real-time gross settlement system providing single access to Eurosystem's market instrastructures and settlement in central bank money.

TARGET system ensures:

  • processing of interbank and customer payments and settlement of the Eurosystem's monetary policy operations;
  • settlement for securities transactions on the TARGET2-Securities platform;
  • settlement on the Eurosystem's instant payments platform TIPS.

TARGET is owned and operated by the Eurosystem which uses TARGET for implementing the euro area monetary policy and promoting the smooth operation of euro payments systems. TARGET was launched on March 20, 2023 and replaced TARGET2 system. In 2023 it settled  an average of 409 thousand payments with volume of 2.2 trillion euro per day.

TARGET-Latvija is a TARGET component system operated by Latvijas Banka. TARGET-Latvija provides its participants efficient, fast and secure infrastructure for real time processing  of euro payments in central bank money. In 2023, the average daily volume settled in TARGET-Latvija amounted to 641 payments with the average daily value of 1.3 billion euro.

TARGET-Latvija participants

Updated on 17 June 2024

Latvijas Banka togeather with other ESCB central banks are Joint Controllers for personal data pocessed in TARGET system. Additional information is available at Privacy statement for T2 (europa.eu), Privacy statement for TIPS (europa.eu) and Privacy statement for T2S (europa.eu)

    CLM module RTGS module
Bigbank AS Latvijas filiāle BIGKLV21 x  
AS BluOr Bank CBBRLV22 x x
"Swedbank" AS HABALV22 x x
Latvijas Banka LACBLV2X x x
TF Bank AB Latvijas filiāle LAVFLV22 x  
AS Magnetiq Bank LAPBLV2X x x
Signet Bank AS LLBBLV2X x x
AS "Industra Bank" MULTLV2X x x
AS INDEXO Banka IDXOLV22 x x
OP Corporate Bank plc filiāle Latvijā OKOYLV2X x x
Akciju sabiedrība "Citadele banka" PARXLV22 x x
Luminor Bank AS RIKOLV2X x x
Akciju sabiedrība "Reģionālā investīciju banka" RIBRLV22 x x
Akciju sabiedrība "Rietumu Banka" RTMBLV2X x x
AS "SEB banka" UNLALV2X x x
Valsts kase TRELLV22 x x
Ancillary Systems
Latvijas Banka's Electronic Clearing System LACBLV2XEKS   x
Nasdaq CSD SE LCDELV22 x  

Information for TARGET-Latvija participants

TARGET is based on a single technical platform while legally the system is structured as a multiplicity of real-time gross settlement payment systems. Each component system is operated by one of the Eurosystem's central banks or a TARGET participating central bank of non-euro area EU member state.

TARGET technical documentation is available on ECB website.

Participation Procedure in TARGET-Latvija system (available only in Latvian).

Terms and conditions for participation in TARGET-Latvija are stipulated in "Participation Procedure in TARGET-Latvija" approved by the Council of Latvijas Banka and implementing the Guideline of the European Central Bank of 24 February 2022, on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/08).


Payment systems