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TARGET-LIETUVOS BANKAS

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  3. Payment systems
  4. Bank of Lithuania systems
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TARGET–LIETUVOS BANKAS is a real-time euro settlement system. It is part of the T2 service, the main Eurosystem TARGET services platform that is used for processing high-value payments. In March 2023, T2 replaced the TARGET2 system.

Banks, credit institutions, electronic money/payment institutions, and others can connect to the system.

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About

T2 consists of two main components: CLM and RTGS. 

CLM is the central function where the main cash accounts (MCA) are held. 

MCAs are used to: 

  1. Conduct monetary policy operations;
  2. Serve as a source of liquidity for accounts held in other TARGET service environments;
  3. Hold a credit line, if granted by the central bank;
  4. Ensure compliance with reserve requirements: MCAs and dedicated cash accounts (DCA) are aggregated for this purpose. 

RTGS is the real-time gross settlement function for high-value transactions, where DCAs are held. 

DCAs are used to: 

  1. Enable real-time gross settlement;
  2. Execute payments individually, in real time;
  3. Process high-value payments and settlements of ancillary systems (e.g., securities or retail payment systems) through DCAs in the RTGS service. 

RTGS settlement principles: 

  1. Cover principle – a payment is executed only if sufficient liquidity is available;
  2. Settlement in central bank money – ensures safety and eliminates credit risk;
  3. Immediate registration – once executed, the payment becomes final and irrevocable;
  4. Liquidity source – liquidity needed for RTGS payments is provided from MCAs. 

Detailed information about the functioning of TARGET-LIETUVOS BANKAS, participant requirements, their rights and obligations, system schedule, and business continuity measures is provided in the system’s operating rules. The regularly updated list of TARGET-LIETUVOS BANKAS participants is published in the Official Register of Systems and Participants, while all T2 participants are included in the list prepared by the Eurosystem, published on the European Central Bank’s website and updated quarterly.

System rules and other relevant legal acts

Connectivity for non-bank payment service providers

As of 6th October 2025, electronic money institutions and payment institutions will have the opportunity to connect directly to T2. This connection cannot be made through intermediaries and requires direct integration.

Access criteria:

  1. Access is granted to payment institutions and electronic money institutions established and licensed in the EEA that meet the requirements set out in point 3 of the Description of the Procedure for the Submission of Applications to Join the TARGET-LIETUVOS BANKAS Payment System and Periodic Updates of Participant Information (267 KB ), and that have successfully passed the risk assessment process of Lietuvos bankas.
  2. It is based on national regulations in the Member States that ensure compliance of non-bank operations and risk management processes.
  3. Compliance with the operational and technical requirements applicable to existing participants must be demonstrated.
  4. Ensure reachability on the TIPS instant payments platform.

Operational aspects:

  1. Non-bank payment service providers must meet certain technical and security requirements and provide confirmation from their national supervisory authority in order to gain access to the payment system. The candidate’s IT infrastructure must comply with the requirements applicable to TARGET participants.
  2. Eurosystem central banks will not be able to offer fund-holding accounts to non-banks or crypto-asset service providers. This means that no interest can be earned on central bank deposits.
  3. Limits are set on the balances that non-banks may hold in their accounts. These limits will be reviewed and adjusted regularly to reflect operational needs.
  4. Failure to comply with balance limits or other requirements may result in penalties, and in extreme cases – removal from the payment system.

The full ECB decision on non-bank participation in T2 can be found here (212 KB ).

Application process:

  1. Initial contact. Contact Lietuvos bankas by email at tl.bl@2tegrat. Lietuvos bankas will provide a participant due diligence questionnaire and information on the required documents.
  2. Application. Submit the completed participant due diligence (KYC) questionnaire and documents demonstrating compliance with the requirements of Article 35a of PSD2.
  3. Assessment. Lietuvos bankas assesses the information and documents submitted by the participant to determine eligibility to join TARGET.
  4. Information. Provide the information required to determine the maximum amount of funds that may be held.
  5. Infrastructure. Set up secure IT infrastructure for connecting to TARGET.
  6. Declaration. Submit a declaration regarding compliance with TARGET security requirements.
  7. Forms. Submit the static data forms.
  8. Test results. Submit the testing results.

Connecting to T2 is recommended for entities that process high volumes of payments.

Fees for direct participants

The fees of the TARGET-LIETUVOS BANKAS system are harmonized and approved by the ECB Governing Council.

Fees for direct T2 participants

  1. For direct participants, the monthly fees for processing all payment orders in TARGET-LIETUVOS BANKAS, depending on the option chosen by the direct participant, are as follows:
    1. EUR 400 per RTGS (payment module) account and a flat fee of EUR 0.80 per transaction (debit entry); or
    2. EUR 5,000 per RTGS account and a transaction fee (per debit entry) as specified below, based on the number of transactions (settled transactions) per month:
Band From To Price
1 1 10 000 EUR 0.60
2 10 001 35 000 EUR 0.50
3 35 001 80 000 EUR 0.40
4 80 001 135 000 EUR 0.20
5 135 001 200 000 EUR 0.125
6 200 001 300 000 EUR 0.08
7 <300 000 - EUR 0.05

Liquidity transfers between a participant’s RTGS account and its sub-accounts are free of charge.

  1. Monthly fee for multi-addressee access – EUR 80 for each 8-character BIC address other than the direct participant’s account identification code.
  2. Additional monthly fee for direct participants who request that their account BIC not be published in the T2 directory – EUR 30 per account.
  3. Monthly fee for each indirect participant registered in the T2 directory under a direct participant – EUR 20.

Fees for TIPS participants

  1. 800 EUR fee for a TIPS DCA account.
  2. 20 EUR fee for an accessible BIC.
  3. TIPS transaction price 0.002 EUR (shared equally between the sender and the recipient).

All fees are provided in the TARGET Services pricing guide

System documentation

Information for professional market participants

Contacts

► Help center - Jira Service Management (if you already are participant in CENTROlink)

► tl.bl@2tegraT (for new participants)

FAQ

What is TARGET?

TARGET is a payment system owned and operated by the Eurosystem. It is the leading European platform for processing large-value payments. TARGET is a payment system that EU banks use to transfer money between each other in real time. This form of transfer is known as real-time gross settlement (RTGS).

What is CLM and RTGS?

T2 comprises two components:

  1. The first is Central Liquidity Management, or CLM for short, where main cash accounts (MCAs) are held. MCAs are used, for example, to settle monetary policy operations. An MCA can also have a credit line. In addition, MCAs play a key role in maintaining minimum reserves, with balances on other dedicated cash accounts (DCAs) held in TARGET Services also being included when determining compliance with the minimum reserve requirements.
  2. High-value payments and ancillary system settlement are processed via the DCAs belonging to the RTGS settlement service. RTGS stands for real-time gross settlement and refers to the rapid settlement of payments in real time.

Since when can electronic money and payment institutions connect to TARGET services?

Electronic money and payment institutions can connect directly to TARGET services starting from 6 October 2025.

Who can join?

Historically, TARGET services were closed club, that was open only for banks. But starting October 2025 non banks will be allowed to directly join this payment system.

  1. Access granted to authorised payment institutions and electronic money institutions established in the EEA.
  2. Rely on arrangements in place in Member States to ensure the compliance of the operational and risk management processes of non-bank PSPs.
  3. Need to demonstrate compliance with operational and technical requirements applicable to existing participants.

Can I join through CENTROlink?

Please note that CENTROlink and TARGET are different systems. You won‘t be able to joing TARGET via CENTROlink. Connection will be available only directly.

That means that every institution will need dedicated staff to operate the system, do necessary configurations, annual testing and comply with quarterly changes.

How does the process of joining TARGET look like?

The process consists of few steps:

  1. Provision of a statement issued by the relevant national competent authority or duly signed by the non-bank PSP’s competent management body (to be renewed every year)
  2. Information necessary to set the maximum funds holding amount
  3. Installation of a secured IT infrastructure to connect to TARGET
  4. Provision of self-attestation with TARGET security requirements
  5. Provision of reference data forms
  6. Provision of legal opinions
  7. Completion of certification tests

How does the testing look like?

You can find more information about testing and test cases in the official ECB website:

  1. T2 Mandatory Test Cases applicable to T2 Participants
  2. T2 User Testing Terms of Reference (UT TOR)

What is the “maximum holding amount”?

This is the maximum permissible balance that a non-bank payment service provider may hold in a TARGET account at the end of the day. It is calculated as twice the largest daily outgoing payments amount (excluding liquidity transfers).

Is this amount reviewed?

Yes.

  1. During the first 3 months – reviewed monthly,
  2. Afterwards – quarterly,
  3. After 12 months – once a year,,
  4. The central bank may carry out additional reviews at any time if there is a basis for it..

What happens if the set amount is exceeded?

Two sanctions may apply:

  1. A 0.03% fine per day on the exceeded amount;;
  2. A fixed fine of 1,000 euros for each day of exceeding. If violations are repeated or significant, participation in TARGET may be terminated.

Is an annual confirmation required?

Yes. At least once a year, a management-signed statement must be submitted confirming that:

  1. The institution complies with the national requirements of Article 35a of PSD2,
  2. Appropriate control measures are in place to protect against unauthorized access to TARGET.

Is a intraday credit applied?

No. Non-bank payment service providers are not entitled to receive intraday credit using central bank funds.

How will balances in TARGET accounts be charged?

According to the ECB decision, funds held in accounts will either be exempt from charges, or—if a fee applies—the lower of the following two values will be applied:

  1. 0 proc.,
  2. or €STR minus 0.20 percentage points.

Can these accounts be used to hold client funds?

No. Central bank accounts are intended for settlements through the TARGET system. They are not meant for holding client funds or for segregation from the institution’s own funds.

How much does it cost?

Pricing structure consists of: fixed system, connectivity fees (provided by SWIFT or NEXI).

You can find more information about fixed fee structure here. 

Please note that every direct participant will be obligated to have dedicated staff to operate the system.

Connection to TARGET is recommended for entities that process large volumes of payments.

Where can i find more information?

You can find more information about TARGET services in the official ECB website.

What is the difference between the TARGET system and CENTROlink?

TARGET is the Eurosystem’s wholesale payment system designed for real-time settlement in central bank money. It is used for purposes such as interbank settlements, money market transactions, high-value transfers between financial institutions, or the fulfillment of obligations between market infrastructures.

CENTROlink, in turn, is a retail payment system operated by Lietuvos bankas, enabling payment service providers – banks, payment institutions, and electronic money institutions – to connect to SEPA payment schemes (e.g., SEPA credit transfers or instant payments). This system is used for lower-value, high-volume payments between individuals, businesses, and institutions.

Thus, TARGET is a wholesale settlement system ensuring the finality of transactions in central bank money, while CENTROlink is a retail payment infrastructure that allows access to the SEPA area and the processing of everyday customer payments.

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Last update: 10-09-2026