Sumclearing |  |
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| The Sumclearing system is a net settlement system for handling retail transactions, typically bank transfers between customers and debit cards. The Sumclearing system is operated by PBS on behalf of the system owner, the Danish Bankers Association. |
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Payments effected via the sum clearing system
When a retail customer uses his or her Dankort debit card or pays by cheque, payment from the customer's account to the shop's account is effected via the Sumclearing system. Many Danes also welcome the opportunity to have their bills debited automatically from their accounts. This is done via BetalingsService, a PBS product. BetalingsService payments are also handled by the Sumclearing system. In addition, the sum clearing system handles a number of other products for payment transactions between private individuals and/or companies. Account-to-account transfers in euro are also handled by the sum clearing system.
Settlement once a day
Once a day, the banks' net positions vis-à-vis each other are calculated. The net position is a statement of how much each bank is to pay to or receive from the other banks. The net position is calculated as one amount for each bank. The net positions calculated are sent to Danmarks Nationalbank, which enters them on the banks' accounts, provided that there are sufficient funds on the accounts from which money is to be withdrawn. The table below shows an example of how net positions are calculated.
 | Bank A | Bank B | Bank C |
| Payments | 100 kr. to bank B | 100 kr. to bank C | 200 kr. to bank A |
| 50 kr. to bank C | 100 kr. to bank A | 200 kr. to bank B |
| Total payments | Pay 150 kr.
Receive 300 kr. | Pay 200 kr.
Receive 300 kr. | Pay 400 kr.
Receive 150 kr. |
| Net position | Net receivable 150 kr. | Net receivable 100 kr. | Net payable 250 kr. |
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