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Express transfers in Denmark

Starting November 2014, it will be possible for citizens and firms in Denmark to make express transfers 24/7/365, changing the current situation where it may take one or more pays for a payment to reach the payee. Express transfers are facilitated by the modernisation of the Danish payments infrastructure undertaken by the Danish financial sector and Danmarks Nationalbank. The modernisation is based on a report prepared by the working group on domestic payment transfers.1 The report identified a number of initiatives, all of which are designed to reduce the period of time from a payment is initiated until it is received. Faster execution of payments provides a number of benefits to citizens and firms. At the same time, the infrastructure is being prepared for new mobile payment solutions that are entering the market and already feeding user expectations of express transfer of payments. Earlier, credit transfers between two banks took at least one day. The autumn of 2013 saw the introduction of the Intradagclearing system, enabling intraday transfers, i.e. transfers within the same day.