A payment system consisting of one RTGS (real-time gross settlement)
system in each of the Member States participating in the euro area at the start of Stage Three of Economic and Monetary Union. The national RTGS systems will be interconnected via the Interlinking mechanism so as to enable same-day cross-border transfers throughout the euro area. RTGS systems of non-euro area EU Member States may also be connected to TARGET, provided that they are able to process euro.
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