The payment arrangements organised within the ECB and connected to TARGET for the purpose of effecting: (i) payments between accounts held at the ECB; and (ii) payments through TARGET between accounts held at the ECB and at the national central banks.
ECB PAYMENT MECHANISM
Meaning of ECB PAYMENT MECHANISM in English
European Central Bank English Glossary. Английский глоссарий Европейского Центрального Банка. 2012