TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem.
TARGET2-Securities is a common platform on which securities settled across Europe.
TARGET Instant Payment Settlement (TIPS) is a pan-European solution for instant payment settlement owned and operated by the Eurosystem.
TARGET Consolidation is a project by the Eurosystem to consolidate TARGET2 and T2S from a technical and function point of view aiming to offer an up-to-date set of services with optimized liquidity management features.
To foster further integration in financial markets in Europe, the Eurosystem has developed and offers a number of services ensuring the free flow of cash, securities and collateral across Europe.
These financial market infrastructure services include TARGET2 (for settling payments), T2S (for settling securities) and, as of the end of 2018, TIPS (a service for instant payments). All of them settle in central bank money.