FIMBank has signed up to TARGET2, a payment system owned and operated by the European Central Bank Eurosystem.
TARGET2 is the leading European platform for processing large-value payments, and is used by both central and commercial banks to process real time payments in euro.
TARGET2 enables EU banks to transfer money between each other in real time. More than 1,700 banks use TARGET2 to initiate transactions in euro, either on their own behalf, or on behalf of their customers. Taking into account branches and subsidiaries, more than 55,000 banks worldwide can be reached via TARGET2.
As part of the advantages of TARGET2 payments, FIMBank is now directly reachable for euro payments without the need for payments to go through its euro correspondents. Membership of the system also facilitates the processing of high value priority payment orders in ‘safe’ central bank money with immediate finality, even across borders, thus reducing the inherent risks in payment transactions.
The system also allows for straightforward direct settlement, thereby minimising claims from beneficiaries for non-receipt of funds.
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