Interbank payments: Payments between financial institutions

Like citizens and businesses, banks and mortgage credit institutions can also make payments and transfers to each other. This is called interbank payments, which also cover customer payments. On an average banking day in 2023, banks and mortgage credit institutions made interbank payments worth a total of kr. 96 billion to each other in Danmarks Nationalbank’s payment system Kronos2.

Most banks in Denmark, including all the major banks and mortgage credit institutions, hold accounts with Danmarks Nationalbank in the same way that private individuals hold accounts with retail banks. In other words, Danmarks Nationalbank serves as banker to the banks for payments in Danish kroner, where Kronos2 functions as the banks’ online bank.

Payments in euro are not settled via Kronos2, but via the pan-European system T2 (previously named Target2). From 2025, payments in Danish kroner will also be handled via T2 – a project called TargetDKK.

The average number of transactions per banking day in Kronos2 has been steadily increasing in recent years.

When measured by value, customer payments represent a growing proportion of the average interbank payments carried out in Kronos2.

Direct or indirect participation in Kronos2

Some banks choose to participate indirectly in Kronos2 instead of having an account with Danmarks Nationalbank. This means that they send their payments via a bank that is a direct participant.

Almost all Danish banks and mortgage credit institutions participate directly in Kronos2. In addition, the direct participants include several branches of foreign banks and a few other participants. In total, there are 73 direct participants in Kronos2. In 2023, approx. 2,400 banks from 140 different countries participated indirectly.

Citizens and businesses do not have direct access to accounts at Danmarks Nationalbank, and therefore cannot participate in Kronos2, either directly or indirectly.

Banks can participate either directly or indirectly in Kronos2. Citizens and businesses cannot participate.

Information for Kronos2 participants

All current account holders at Danmarks Nationalbank must participate in Kronos2. The rules and regulations for the account holders are set out in the terms and conditions for accounts.

Kronos2 opening hours

Kronos2 is open for payments on all Danish banking days between 7:00 and 16:45. The new monetary policy day opens at 17:30 for transfers to settlement accounts for the night-time Sum Clearing and VP settlement.


According to Danmarks Nationalbank’s price policy for Kronos2, Danmarks Nationalbank passes on its external costs etc. for running Kronos2 to the participants, while Danmarks Nationalbank bears its internal costs.

Guidelines and forms

Guidelines for Kronos2 can be found on Danmarks Nationalbank’s extranet on Microsoft Teams.

User administration

Danmarks Nationalbank has decided to centralise user administration in Kronos2, which means that Danmarks Nationalbank will assume responsibility for all user administration in the system.

On the Danish version of this webpage, Kronos2 participants can find links to documents relating to user administration (documents are in Danish only).