sys de paiement


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On 20 March 2023, the BCL has started to operate for Luxembourg the new T2 platform that replaces the former Target 2 ‘Single Shared Platform’ created in 2007.

T2 is made of a series of components, RTGS et CLM being to two main components.

 RTGS (Real Time Gross Settlement) is the component where the RTGS Direct Participants (1) send their payment instructions ( in euros (2). These orders can be for both retail and interbank payments, domestic or cross border.

Their settlement is executed one by one (for the gross amount, i.e. the amount mentioned in the payment order), in real time and in central bank money (i.e. accounted in BCL’s books).

RTGS also enables the settlement the settlement of liquidity transfers orders (camt.050).

RTGS is furthermore used for settling net payments from ancillary systems’ clearings.

CLM (Central Liquidity Management) is the T2 component hosting the centralizing accounts (3) held by all the banks registered in Luxembourg.  

The new CLM account replaces both the current and reserve accounts previously operated in BCL’s in house systems. This account is now used for all central bank operations, which includes the fulfilment of the minimum reserves requirements as well as for any monetary policy operation (for example the « standing facilities » operations and the refinancing  operations.

The banking institutions having an RTGS, T2S or TIPS account also hold an account on CLM. They use this CLM account to fund their RTGS, T2S or TIPS account by instructing liquidity transfers orders (camt.050).

CLM gives its participants  the possibility to manage themselves their accounts, via an ESMIG access, or to opt for the co-management, a functionality that allows to delegate the management of a CLM account to a third party, the co-manager (4)

(1 : Direct Participation refers to the banks that hold a Dedicated Cash Account (DCA) on RTGS)
(2 : T2 has the capability to also support non EUR currencies, provided that a non-Eurozone central bank would be interested in settling its own currency on T2)
(3 : all banking institutions in Luxembourg have received a Main Cash Account (MCA) on CLM)
(4 : the co-management mechanism is only available in CLM for the MCA)


Besides RTGS and CLM, T2 also involves additional specialized components.

These are referred to as ‘common components’ as they are used across the different Target Services :

  • ESMIG (Eurosystem Single Market Infrastructure Gateway) is the interface that grants access to the Target Services Target for both A2A (application to application, i.e. ISO20022 messages exchanges) and U2A (user to application, i.e. manual usage) interactions. ESMIG is optional for the participants that hold only a MCA on CLM and that delegated the management of this MCA to a third party.
  • CRDM (Common Reference Data Management) is used by the participants to configure their accounts and to manage the access of their internal users
  • Datawarehouse stores the historic information. Payments having reached a final status (e.g. settled, rejected) are transferred in Datawarehouse on business day +1.
  • BILL is the component supporting the billing for Target activities. Its activation for the T2 service will take place shortly after the T2 go live date.


For more information, please refer to:
Statistical data on transactions volumes and values
Contractual documents on T2-LU
Forms for T2-LU participant
Links with other payment systems




TARGET National Service Desk
E-mail : 
Tél: (+352) 4774-4199