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EIB to settle its own funds EUR payments in TARGET2 as of 10 July 2017

24 April 2017

Updated: March 2026

The European Investment Bank (EIB), the bank of the European Union has moved to the Eurosystem’s single shared platform TARGET2 for the settlement of its core activity in EUR currency on 10 July 2017. TARGET2 is the leading European platform for processing large-value payments and is used by both central banks and commercial banks to process real time gross settlement (RTGS) payments in EUR. Small size payments are also processed without constraints.

The EIB is directly accessing TARGET2 through its BIC (SWIFT code) BEILLULLXXX and via the national central bank of Luxembourg (Banque centrale du Luxembourg, BCL). The Eurosystem Single Market Infrastructure Gateway (ESMIG) completed its migration to the ISO 20022 messaging standard (MX) on 20 March 2023, acting as the unified, single-entry point for all Eurosystem TARGET Services (T2, T2S, TIPS).

This change replaces older, less structured MT formats with richer, structured ISO 20022 XML messages, enabling better data quality, improved automation, enhanced compliance screening, and increased transparency throughout the payment chain. Payment types like MT103 and MT202 were fully replaced by their ISO 20022 equivalents (pacs.008 and pacs.009).

  • How to perform your payments?

Four cases are possible:

1-If you are NOT a financial institution and your bank is a direct participant to TARGET2, please make sure that you use a PACS.008 (FIToFICustomerCreditTransfer). Find below some important and mandatory fields to be filled in the structure of the pacs.008 message:

  • Settlement Info
  • Debtor
  • Debtor account
  • Debtor agent
  • Creditor
  • Creditor agent
  • Creditor account
  • Remittance Information
Get the structure of PACS.008 messaging  

2-If you are NOT a financial institution and your bank is a NOT direct participant to TARGET2, please make sure that you use a PACS.008 (FIToFICustomerCreditTransfer) as follows:

  • Payment Type Info
  • Debtor
  • Debtor account
  • Debtor agent
  • Creditor
  • Creditor agent
  • Creditor account
  • Remittance Information
Get the structure of PACS.008 messaging  

Other fields as described in case 1.

3-If you are a financial institution with direct participation to TARGET2 please make sure that you use a PACS.009 ( Financial Institution Credit Transfer).

Please find below some important and mandatory fields to be filled in the structure of the pacs.009 message:

  • Settlement Info
  • Debtor
  • Debtor account
  • Debtor agent
  • Creditor
  • Creditor agent
  • Creditor account
  • Remittance Information

As described in case 1.

4- If you are a financial institution and your correspondent bank has a direct participation to TARGET2 please make sure that you use a PACS.009 (Financial Institution Credit Transfer), as follows:

  • Payment Type Info
  • Debtor
  • Debtor account
  • Debtor agent
  • Creditor
  • Creditor agent
  • Creditor account
  • Remittance Information

As described in case 2.

Are there any exceptions to the use by the EIB of TARGET2?

Only EIB own funds are concerned. The EIB also manages in different ledger third party mandates that will continue to settle EUR payment via commercial banks, as it is currently the case. Please follow the settlement instructions mentioned on the Payment advice received from European Investment Bank.

Payments via SEPA (the EBA Clearing’s STEP2 channel for retailing) are not allowed to TARGET2.

General Questions and Answers on TARGET2

How to access TARGET2, reachability in both senses - to receive from the EIB and to pay to the EIB?

The two main ways for EIB clients to reach TARGET2 are:

  • 1-Directly: implies for clients to participate to the platform via their own national central bank.

TARGET2

  • 2-Indirectly: through a cash correspondent bank (CCB) who has a direct access.

TARGET2

What are the operating rules and cut-off times of TARGET2?

TARGET2 is open for operations on business days between 7.00 and 18.00 CET.
Early processing of payment orders is required to assure timely settlements.

Want to know more?

Find out more information about TARGET2 on the European Central Bank and BCL websites.

Contact point at the EIB

Your dedicated CFO (client facing officer) for credit operations at the EIB.

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