Whereas all payments in TARGET were processed by the NCBs through their local RTGS systems, TARGET2 uses a single technical platform, provided jointly by three Eurosystem central banks – the Banca d’Italia, the Banque de France and the Deutsche Bundesbank – and operated on behalf of the Eurosystem, the owner of the TARGET2 system.
In that sense, TARGET2 is a perfect example of a joint-effort based on the experience and expertise of all national central banks, which has led to greater financial integration in the euro area, particularly in the area of payment services provision. 3.