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四、最新发展——TARGET2 四、最新发展——TARGET2 （二）TARGET2与现有TARGET交易流程对比： 2、TARGET2 Payment orders will be sent directly to the TARGET2 participants (instead of being processed via the decentralized RTGS’s) and the bookings will be handled centrally by TARGET2. 四、最新发展——TARGET2 （二）TARGET2与现有TARGET交易流程对比： 2、TARGET2 The credit institution (your local bank) receives the payment order from the client The payment order is sent directly to TARGET2 through SWIFT During transfer, the bookings are settled The payment order is received by the credit institution 四、最新发展——TARGET2 四、最新发展——TARGET2 四、最新发展——TARGET2 DEVE