Domestic
PAYMENTS SIGNAL · REFERENCE CARDA TARGET2 (T2) settlement (euro RTGS)
A high-value euro payment settles one-for-one across the banks' accounts in central-bank money, in real time and with finality — each accepted instruction settles on its own, without any prior netting.
Actors
- Bank Alfa (sending bank)bank
- TARGET2 (T2)infrastructure
- Central bank (Eurosystem)infrastructure
- Nordbank (receiving bank)bank
Messages
- pacs.009
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | pacs.009 — Bank Alfa submits the payment to T2 | Bank Alfa → T2 | message |
| 2 | Liquidity check — T2 checks Bank Alfa's available liquidity | T2 | internal |
| 3 | Gross settlement — T2 settles the payment in central-bank money | Bank Alfa → Nordbank | settlement |
| 4 | Settlement confirmation — Nordbank is confirmed of the settled payment | T2 → Nordbank | message |
| 5 | Book incoming funds — Nordbank books the incoming funds | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Queued for liquidity | Bank Alfa's RTGS account does not hold EUR 2,000,000.00 of available liquidity at the moment the payment is checked. | No money has moved while the payment sits in the queue — Bank Alfa's account is untouched until cover arrives. · Settlement is deferred until liquidity is available; the payment settles, with finality, only once its RTGS account can cover it. | Bank Alfa — Bank Alfa manages its intraday liquidity, using CLM transfers so high-value payments do not sit queued late in the day. |