Routing & Clearing
By Ohmyfin Organisation Editorial Team · Published 2026-05-18 · Updated 2026-05-22
When a large EUR payment moves across the eurozone, it clears on either TARGET2 (the Eurosystem RTGS, since 2023 migrated to T2 / TARGET Services) or EURO1 (the private netting system operated by EBA Clearing). Both are workhorses; the difference matters for finality and cost.
T2 (the successor to TARGET2 since March 2023) is the Eurosystem's RTGS. Settlement is in central-bank money, real-time, irrevocable. Operated by the ECB on behalf of the eurozone central banks.
EURO1 is operated by EBA Clearing. It is a private deferred net settlement system — payments accumulate during the day, net positions settle once at end-of-day across T2. Suitable for high-volume, predictable flows.
Payment Located
SWIFT GPI Network · Real-time status
Payment Not Found
No record found in SWIFT GPI or any correspondent banking data
Fraud Awareness Notice
If you received a payment document from a third party, verify directly with your own bank before releasing goods or funds. Fake MT103 / pacs.008 confirmations are widely used in advance-fee scams. See our fraud guide →
Monitor for 7 Days — Free
We re-check every few hours and notify you the instant this payment appears — no account, no spam.
Watching — we'll email you the moment it appears.
Not sure what to do next?
Ask SwiftMate, our SWIFT assistant, for guidance on payment delays, rejections, and next steps.
Payments can appear hours after initiation — try again later
Cost: EURO1 is significantly cheaper for participants. T2 fees range from 0.125 EUR per transaction (high volume tier) to 1.875 EUR (low volume). EURO1 is fractions of a cent in netted-flow basis.
Speed: T2 settles immediately. EURO1 is intraday-final from the participant's perspective (binding obligation) but central-bank-final only at end-of-day.
STEP1 is EURO1's smaller-bank sibling — same netting infrastructure, smaller threshold for participation.
For cross-border EUR wires entering the eurozone, the choice between T2 and EURO1 is made by the receiving bank based on the size, urgency and liquidity profile. Customer-facing experience is identical.
EURO1 = EBA-run net settlement, cheaper, intraday-final.
STEP1 = EURO1 for smaller banks.
Customer experience identical — bank chooses based on volume / urgency.
Both ISO 20022 since March 2023.
Frequently asked questions
Did TARGET2 disappear?
Replaced March 2023 by T2 (cash leg) and T2S (securities leg), collectively "TARGET Services". The name TARGET2 is still in colloquial use.
Is EURO1 the same as STEP2?
No. STEP2 is the SEPA processor (low-value mass payments). EURO1 is the high-value netting system. Both run by EBA Clearing.
Which clears my SEPA Instant payment?
RT1 (also EBA Clearing) for many banks, or TIPS (TARGET Instant Payment Settlement) for those connected to the Eurosystem instant rail.
Are T2 and EURO1 visible on GPI?
GPI shows the bank-leg timestamps; the underlying RTGS choice is not specifically exposed but bank operations teams can see it.
Payment Located
SWIFT GPI Network · Real-time status
Payment Not Found
No record found in SWIFT GPI or any correspondent banking data
Fraud Awareness Notice
If you received a payment document from a third party, verify directly with your own bank before releasing goods or funds. Fake MT103 / pacs.008 confirmations are widely used in advance-fee scams. See our fraud guide →
Monitor for 7 Days — Free
We re-check every few hours and notify you the instant this payment appears — no account, no spam.
Watching — we'll email you the moment it appears.
Not sure what to do next?
Ask SwiftMate, our SWIFT assistant, for guidance on payment delays, rejections, and next steps.
Payments can appear hours after initiation — try again later