TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer system 2) is a Eurosystem real-time gross settlement system owned and operated by the Eurosystem for settling large-value euro-denominated interbank payments, central bank transactions and other transactions irrevocably.

The TARGET2-SSP (Single Shared Platform) is a single technical infrastructure jointly provided by three Eurosystem central banks, the Banca d’Italia, the Banque de France and the Deutsche Bundesbank, which operate it on behalf of the Eurosystem. A single price structure and a harmonized service level ensure a level playing field for participants from all countries.

With respect to the principle of decentralization, the OeNB as the co-owner of TARGET2 is in charge of processing large-value payments in the Austrian market.

You may access the legal basis for TARGET2 and the Terms and Conditions for participation in TARGET2 here:
TARGET2-OeNB and TARGET2 Guideline