sys de paiement


The Banque centrale du Luxembourg became a participant of TARGET2 on 19 November 2007, the date of the migration of TARGET to the Single Shared Platform. It operates TARGET2-LU, the Luxembourgish component of TARGET2, which replaced LIPS-Gross1 .

 In TARGET2 only payment orders in euro are accepted. They are either national or cross-border, customer or interbank payments. Their settlement is executed:

  • one by one (for the gross amount, i.e. the amount mentioned in the payment order);
  • in real time and continuously;
  • in central bank money (that is to say recorded on the books of the central bank).

TARGET2 will also be used for settling net payments from ancillary systems’ clearings.

TIPS (Target Instant Payment Settlement) is the Eurosystem real-time gross settlement service in central bank money for instant payments. TIPS went live on 30 November 2018.

TIPS enables the final and irrevocable interbank settlement of instant payments in central bank money at any time of day and on any day of the year, in the legal framework of TARGET2. TIPS participants open a TIPS Dedicated Cash Account (DCA), which is linked to a payment account in TARGET2, allowing for liquidity management in TIPS. Balances on TIPS DCA at the end of the TARGET2 day are included in the calculation of the minimum reserves. However, these funds are not blocked; they remain available on the TIPS DCA to settle instant payments. Pricing is straightforward in TIPS: EUR 0.0020 per transaction sent to the platform (i.e. 500 transactions for 1 euro).

Payments settled in this way are irrevocable and unconditional: they are considered as final. The settlement finality is important because it contributes to one of the central bank’s objectives: the maintenance of financial stability.


For more information, please refer to:
Statistical data on transactions volumes and values
Publications on TARGET2
Contractual documents onTARGET2-LU
Forms for TARGET2-LU participant
Links with other payment systems


1 LIPS-Gross (Luxembourg Interbank Payment System – Gross Settlement) is the real-time gross settlement (RTGS) system which was operated in Luxembourg from 1999 to 2007 and was a component of TARGET.



See also

ECB website - Target2


TARGET2-LU Service Desk
E-mail :
Tél: (+352) 4774-4199