TARGET is the pan-European payment system for settling (mainly) large-value payments, securities and instant payments in euro. For each of these types of payment, special services have been established within the TARGET framework, specifically RGTS for payments, T2S for securities settlements and TIPS for instant payments settlement. Settlement is conducted through the accounts of participants which they open for each of the aforementioned payment types as part of specific services and in central bank money. Participants manage liquidity relating to individual services through their main cash account, which they also use to settle payments relating to monetary policy operations and other operations with the central bank.
TARGET services function on a single technological platform, and are operated by the Eurosystem. TARGET is legally structured as multiplicity of national components, with each central bank operating its own component. The Slovenian component, which is managed by Banka Slovenije, is called TARGET-Slovenija.
The TARGET-Slovenija operating mode and the conditions for participation are set out in the General Terms and Conditions for Participation in the TARGET-Slovenija System.
RTGS is a service intended for the settlement mainly of urgent payments and large-value payments, specifically interbank payments, customer payments and payments made within other systems and financial market infrastructures. In the RTGS service payments are settled individually and in real time.
Participation in RTGS services is open to entities that meet the conditions for participation in TARGET. Individual entities can join RTGS directly, i.e. by opening a special account in TARGET (a dedicated cash account for RTGS), or through another participant. All Slovenian banks and savings banks participate in RTGS directly.