Market Trends of Clearing Houses and Settlements Industry
Target2 is Driving Europe's Clearing and Settlements Market
TARGET2 is the leading settlement and clearing platform in Europe for handling large payments. Both central banks and commercial banks use it to handle payments in euros in real time.Central banks and commercial banks can submit payment orders in euros to TARGET2, where they are processed and settled in central bank money, i.e., money held in an account with a central bank.
TARGET2 participants are EU central banks and their national communities of commercial banks. More than 1,700 banks use TARGET2 to initiate transactions in euros, either on their behalf or on behalf of their customers. Taking into account branches and subsidiaries, more than 55,000 banks worldwide (and all their customers) can be reached via TARGET2.
Volume of payment facilitator transactions worldwide 2016-2021
Many small and micro-merchants used to only do business with cash because the onboarding process was hard. Now, payment facilitators are helping these businesses by making it easier for them to start accepting credit card payments in-store and online. The sudden rise in support from payment facilitators will keep payment networks growing because more digital payments are being made around the world. The data shows how many transactions payment facilitators around the world will handle from 2016 to 2021. Payment facilitators, which don't include giants like PayPal, Square, and Stripe, will handle about $513 billion worth of payments around the world in 2021.
