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KRONOS is Danmarks Nationalbank's real-time gross settlement (RTGS) system and acts as the banks' home banking system, via which they can transfer amounts in kroner. Amounts coming from the netting system are also settled via KRONOS.
The banks' home banking system
KRONOS, which is a real-time gross settlement system, was implemented in November 2001 and combines the functions of the two previous systems. The banks thus acquired user-friendly, up-to-date access to their accounts with Danmarks Nationalbank. Via KRONOS the banks have access to a number of functions, including:
- Transfer of amounts to each other
- Queuing of payments to be effected on later dates
- Overview of payments received and sent in real time
- Payments related to monetary-policy operations
Individual payments in KRONOS typically have a high value, while the number of payments is relatively modest. The opposite applies to netting systems, which are characterised by many, but fairly modest payments. The net amounts from these systems are typically settled at night via Danmarks Nationalbank. In the morning, when KRONOS opens, the banks can see the net entries to their accounts.
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