The European Central Bank has published version 3.0 of its TARGET Services Pricing Guide, setting out the pricing and billing framework for euro-denominated activity across Central Liquidity Management, Real-Time Gross Settlement, TARGET2-Securities and TARGET Instant Payment Settlement. The guide clarifies that Central Liquidity Management remains free of charge, while RTGS, T2S cash-related services and TIPS are subject to fixed and transaction-based fees, with separate rules for liquidity transfers across and within TARGET Services. For RTGS, the guide restates two core pricing options for payment banks and central banks, with either a EUR 400 monthly fee plus EUR 0.80 per payment order, or a EUR 5,000 monthly fee plus degressive per-order charges from EUR 0.60 to EUR 0.05. Ancillary systems can also choose between two pricing options, alongside monthly fixed fees of EUR 2,000 and an additional value-based fee ranging from EUR 833 to EUR 16,667. Addressable BICs, unpublished BICs and multi-addressee access attract monthly fees of EUR 20, EUR 30 and EUR 80 respectively. RTGS liquidity transfers are charged only where they cross banking groups, at EUR 0.80 per transfer, while internal transfers within the same participant or banking group are free. For T2S, the guide lists per-service charges including EUR 0.235 for delivery-versus-payment instructions, EUR 0.141 for free-of-payment and payment-free-of-delivery instructions, EUR 0.141 for internal T2S liquidity transfers, and separate fees for queries, reports, files and transmissions, with some items currently set at zero and subject to review if usage patterns change. For TIPS, PSPs pay EUR 800 per month per TIPS dedicated cash account and ACHs EUR 3,000 per month per ancillary system technical account, plus EUR 20 per authorised BIC subject to stated caps. Instant payment orders and positive recall answers are charged at EUR 0.002 per transaction, split equally between originator and beneficiary participants, and ACH internal settlement is billed on a degressive scale from EUR 0.00040 to EUR 0.00015 per transaction according to monthly reported volume. The guide also sets out billing mechanics. Central banks issue monthly T2S invoices by the sixth business day of the following month and RTGS and TIPS invoices by the eighth business day, with settlement by direct debit from a predefined main cash account on the eighth business day for T2S and the 11th business day for RTGS and TIPS.
European Central Bank2026-07-01
European Central Bank publishes TARGET Services pricing guide version 3.0 detailing fees and billing rules for RTGS T2S and TIPS
The European Central Bank has issued version 3.0 of its TARGET Services Pricing Guide, consolidating fee schedules and billing rules for Central Liquidity Management, RTGS, T2S and TIPS. Central Liquidity Management remains free, while RTGS, T2S cash-related services and TIPS are subject to fixed and transaction-based charges. The guide also sets out monthly invoicing and direct debit arrangements through main cash accounts.