Kronos is a core element of Danish payment infrastructure. It is used by Danmarks Nationalbank's account holders, primarily for large, time-critical payments, either as customer or interbank payments. Kronos is also used for settlement of monetary-policy transactions in Denmark and for settlement of payments in Danish kroner for other settlement systems in the Danish payments infrastructure.
Via Kronos, participants can perform a variety of functions, including entering payments, transferring liquidity to settlement accounts, viewing entries to own accounts and monitoring e.g. settlement of the Sum Clearing, the Intraday Clearing, the Express Clearing and VP settlement. In addition, participants may receive news, view historical entries and administer the use of collateral.
Kronos is open for payments on all Danish banking days between 7:00 am and 3:30 pm. In addition, it is open between 4:00 and 4:30 pm for transfers to settlement accounts for the night-time Sum Clearing and VP settlement.
All holders of current accounts at Danmarks Nationalbank must participate in Kronos. Rules and terms and conditions for account holders are stated in the Terms and conditions for accounts.
According to Danmarks Nationalbank's price policy for Kronos, Danmarks Nationalbank's external costs for operating and further developing Kronos are charged to participants, while Danmarks Nationalbank's internal costs are borne by Danmarks Nationalbank. The external costs cover costs for Danmarks Nationalbank's external service provider, BEC.