Financial institutions are continuously working on developing an efficient payment management system in Denmark that makes the creation of forward-looking solutions and products for the benefit of customers possible.
The Clearing Systems
Three systems are used to settle retail payments in DKK in Denmark. Finance Denmark is responsible for the system on behalf of the financial sector. The system is operated by Nets. The clearings are implemented by collaboration between Finance Denmark as system owner, Nets as operator, five data processing centres that handle the financial institution’s IT support of the clearings and e-nettet as the banking sector’s management company. The Central Bank of Denmark is a monitoring authority and provides settlement systems in the form of Kronos for the clearings.
The systems differentiate themselves with different settlement times and they handle different payment solutions. The systems are:
- Sum Clearing
- Intraday Clearing
- Express Clearing
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.