DEFINITION
Trans-European Automated Real-Time Gross Settlement Express Transfer

"Trans-European automated real-time gross settlement express transfer": (TARGET). A payment system composed of one real-time gross settlement (RTGS) system in each of the countries of the European Union (EU) plus a number of non-EU countries and the European Central Bank (ECB) payment mechanism. The domestic RTGS systems and the ECB payment mechanism are interconnected according to common procedures (interlinking) to allow cross-border transfers throughout the EU to move from one system to another.
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