HNB: Announces Establishment of Croatian Component of TARGET2 Payment System
TARGET2 is a real-time gross settlement payment system in euros, operated by the central banks of the EU member states. The European Central Bank has confirmed the connection of the TARGET2-HR component and the foreseen start of operation on 1 February 2016.
TARGET2-HR represents the Croatian component of the TARGET2 system, enabling the settlement of national and cross-border euro payment transactions on credit institution accounts.
The enactment represents one of the main steps in the implementation of SEPA (Single Euro Payments Area) projects in Croatia.