Earlier today, the central bank has launched the Target2 Romania payment system, which provides various services to 22 participating lenders, including low payment fees, rapid interbank discounts and flexible hours.
“In January 2010, the central bank has decided to join the payments system before adopting the euro, following in the footsteps of other states outside the euro area. Currently, only the Czech Republic, Hungary, Sweden and the UK are not connected to the Target2 system,” Isarescu told a news conference.
Target2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) was introduced in 2007 as successor to Target, EU’s decentralized system of national gross settlement systems, which had been in use since 1999.
Participating credit institutions may transfer euro-denominated payments in real time from their accounts with the central bank (in central bank money). The system is available between 8 and 19 from Monday to Friday, with the exception of some official holidays.
Nearly 60,000 monetary financial institutions can be accessed via Target2. The Eurosystem, which includes the European Central Bank and the national banks of eurozone members, executes its monetary policy operations in the Target2 system, while many other major payment systems use the system for settlement purposes.