Kronos2 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. Kronos2 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 Kronos2, 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.
Kronos2 is open for payments on all Danish banking days between 7:00 am and 4:45 pm. In addition, it is open 5:30 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 Kronos2. 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 Kronos2, Danmarks Nationalbank's external costs for operating etc. Kronos2 are charged to participants, while Danmarks Nationalbank's internal costs are borne by Danmarks Nationalbank.
Statistics on Kronos2 payments
Figure 1: Value of customer payments and other interbank payments in Kronos2
Customer payments (MT103) are payments from a bank to a customer.
Other interbank payments (MT202) are payments between banks.
Figure 2: Number of transactions pr. banking day in Kronos2