Settlement of retail payments


Retail payments are settled via Finace Denmark's systems, the Sum Clearing, the Intraday Clearing and the Express Clearing. Exchange of money between the banks is effected via accounts at Danmarks Nationalbank.

The Sum Clearing, the Intraday Clearing  and the Express Clearing are the Danish systems for clearing and settlement of retail payments. The Sum Clearing and the Intraday Clearing are multilateral net settlement systems, which means that amounts corresponding to the sum of payments to and from the banks' customers are exchanged between banks at fixed times during the day. The Express Clearing is a real time gross settlement system in which banks continuously settle payments as they are made.  

The systems are owned by Finance Denmark, but operated by Nets. The Sum Clearing, the Intraday Clearing and the Express Clearing have a dual participant structure with both direct and indirect participants. Direct participation among other things requires a current account and a settlement account at Danmarks Nationalbank. Indirect participants settle their payments via settlement accounts held by direct participants.

The Sum Clearing
In the Sum Clearing, exchange of amounts between banks takes place once a day – at 1:30 am. Net positions are calculated on the basis of two subclearings: electronic clearing and truncation, and PBS clearing. Electronic clearing and truncation comprises settlement of inpayment forms, cash withdrawals from ATMs and OverførselsService (transfer service). PBS clearing comprises payments using Nets' own products, including Dankort payments and transfers via Betalingsservice (direct debit) and LeverandørService (supplier service). Payments using international payment cards are also included.

The Intraday Clearing
In the Intraday Clearing, exchange of amounts between banks takes place four times a day – at 1:30 am, 9:00 am, 12:00 noon and 2:00 pm. This makes it possible to transfer money from an account at one bank to an account at another bank within the same day. Only credit transfers, including consumers' online banking transfers, can be effected via the Intraday Clearing.

The Express Clearing

In the Express Clearing, it is possible for bank customers to make credit transfers, e.g. online banking transfers, immediately. Express transfers have an upper limit of 500.000 kr. and are available 24/7/365.