4 July 2025
The ECB has published its first consolidated annual report on TARGET Services, the TARGET Services Annual Report, which details the ongoing evolution, financial performance and system availability of TARGET Services in 2024. TARGET Services include T2 for large value payments, TARGET2-Securities (T2S) for securities settlement and TARGET Instant Payment Settlement (TIPS) for instant payments.
In 2024 higher transaction volumes were recorded for all TARGET Services. Annual T2 traffic reached its highest level since the introduction of the euro, at nearly 108 million transactions. In TIPs there was a five-fold increase in the volume of transactions settled, up to around 1.35 billion, reflecting the uptake of instant payments in the European Union. T2S volumes also peaked, up 14% from the previous year and marking a significant rebound from two consecutive years of decline.
TARGET Services maintained high levels of performance and availability, with the technical availability of T2 standing at 99.97%, T2S exceeding its target of 99.7%, and TIPS achieving 100% throughout the year. In addition, the multi-currency capabilities of TARGET Services expanded when Sweden joined TIPS with its national currency, the krona.
The report highlights ongoing service enhancements, such as enabling T2 and TIPS access for non-bank payment service providers, moving towards a shorter standard securities settlement cycle in T2S and improving cross-border payments through cross-currency settlement in TIPS.