Danish banks renew clearing agreement with Nets
The agreement between Finance Denmark, which represents the country’s banks and Nets runs through to the end of 2022.
Denmark’s banks have renewed their clearing services agreement with Nets, provider of digital payments services for the Nordic region. The agreement covers clearing of account-to-account (A2A) payments completed through the Express clearing and Intraday clearing systems in Denmark.
The Express clearing system handles instant A2A based payments and the Intraday clearing system is primarily used for mass payments such as payroll disbursements, where clearing is done continuously during the day. The agreement between Finance Denmark, representing all Danish banks, and Nets runs until the end of 2022.
Since the Express clearing system launched in 2014, Danes have been able to initiate instant A2A payments, with full reach from day one, as all Danish banks participate, said Nets. Danish banks have offered a wide range of user-friendly applications to both consumers and corporates, including mobile payment applications, which have contributed significantly to the “impressive uptake” of instant payments in Denmark and Nets “does not see any indications that this will slow down.”
Instant payments have been instrumental in reducing cash payments and cheques in Denmark. The instant payment solution, RealTime24/7, is based on the global ISO 20022 payment standard, which also is the basis for the new European instant payments scheme going live later this year.