Make euro payments worldwide
2020 April 06
We are very happy to announce that mano.bank has become a direct member of the TARGET2 global payments network!
What does this mean to mano.bank customers?
TARGET2 enables fast transactions in euros worldwide and gives mano.bank customers ability to:
- Receive euros payments to mano.bank account from across the world
- Send euro payments from mano.bank account across the world
Why is this important?
While connecting to SWIFT members might take a while, TARGET2 provides an alternative for making and receiving payments in euros globally.
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 (and all their customers) can be reached via TARGET2.
TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is the real-time gross settlement (RTGS) system for the Eurozone, and is available to non-Eurozone countries. TARGET2 is a payment system owned and operated by the Eurosystem. It is the leading European platform for processing large-value payments and is used by both central banks and commercial banks to process payments in euro in real time.
This video clearly explains what is TARGET2, how it operates and what value it adds to the banking infrastructure https://www.youtube.com/watch?v=G6x8NlYofPI
How does TARGET2 work?
The platform is owned and managed by the Eurosystem. Put simply, it works as follows:
- Bank A and Bank B both have accounts with a central bank
- A payment in euro is to be made from Bank A to Bank B
- Bank A submits the payment instructions to TARGET2
- Bank A’s account is debited, and Bank B’s account is credited – the payment is settled
- TARGET2 transfers the payment information to Bank B
What to send and receive euro payments worldwide?
Open a bank account at mano.bank online here: https://account.mano.bank/
Sending euro payments to mano.bank
You will need our BIC number to send euro payments to your mano.bank bank account.
Our BIC number is KUSRLT24.