Many payment solutions available in Denmark are settled in Sum Clearing, including Danish debit card payments, paying-in slips, withdrawals from ATMs and Danish direct debit.

Account-to-account transfers and online bank transfers are settled in Intraday Clearing. The amount will be available on the next banking day if payment takes place after approx. 12PM.

With Express Clearing customers can transfer funds between accounts 24 hours a day, 7 days a week, 365 days per year. There is a fixed upper limit between financial institutions of DKK 500,000 per transaction.

In addition to the three systems for handling DKK, Denmark also participates in the TARGET cooperation which is the European Central Bank’s system for handling payments in EUR between EU countries.

In 2008, Denmark switched over to the new TARGET2 payment system. This makes it possible for participants that are represented in several countries to have one access point for allocating liquidity in the Eurozone, which can mean more effective utilization of liquidity.

As a non-Euro country, Denmark is subject to a range of limitations which mean, for example that Danish participants with TARGET2 access via the Central Bank of Denmark do not have access to Euro liquidity overnight.

TARGET2 is closed on the following days (in addition to Saturdays and Sundays):

New Year’s Day
Good Friday
Easter Monday
1 May
Christmas Day
Boxing Day

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Finance Denmark is a business association for banks, mortgage institutions, asset management, securities trading and investment funds in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks, Danish branches of foreign banks, asset managers, Danish securities dealers and investment funds.

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