The European Central Bank has published its TARGET Services Annual Report 2025, showing broad-based growth across its payment and settlement platforms. Instant payments recorded the strongest expansion, with transaction volumes on TARGET Instant Payment Settlement rising by 82.5%, while securities settlement in TARGET2-Securities grew by 16.1% in volume and 12.8% in value. Large-value payments in T2 increased more moderately, with transaction volumes up 3.6% and interbank payment values up 6.3%. The report links the jump in instant payments to new European Union rules requiring banks to offer instant payments and to the addition of the Danish krone to TIPS. It also highlights the successful launch of the Eurosystem Collateral Management System, which completed the TARGET Services suite and allows banks and financial institutions to manage collateral in an integrated environment alongside payments and securities settlement. Overall system availability remained high, although two significant disruptions affected the T2 large-value payment system and were followed by a detailed action plan to address root causes and prevent recurrence. For the period ahead, work is under way to extend T2 operating hours, add new currencies to the platform and connect the instant payment system with fast payment infrastructures in other regions.
European Central Bank2026-06-12
European Central Bank reports broad based 2025 TARGET Services growth with TIPS volumes up 82.5%
The European Central Bank's TARGET Services Annual Report 2025 shows growth across all major services, led by an 82.5% rise in TIPS instant payment volumes. The report also highlights the launch of the Eurosystem Collateral Management System and notes two significant T2 disruptions that prompted a remediation plan. Next steps include longer T2 hours, additional currencies and links to fast payment infrastructures in other regions.