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Payments

Finance Denmark supports the financial infrastructure, which all payments in Denmark are built on. It is an important precondition for the continued digitisation of the financial sector and society in Denmark.

The infrastructure is used for transferring payments and data between financial institutions and is based on collaboration between Finance Denmark, the banking sector and the public sector.

Through Finance Denmark, financial institutions have the option of using central elements of the infrastructure, known as the core infrastructure. The core infrastructure covers the solutions that the sector has developed together and which are important components of the financial infrastructure in Denmark.

The core infrastructure is made up of the following solutions:

  • The Clearing Systems
  • e-registration
  • NemID
  • e-engagement

Read more about the sub-sections concerning the financial infrastructure below

Banking operations

e-engagement
e-engagement is a digital solution used to transfer customers between banks. The solution was setup to ensure easy and smooth processes between financial institutions and to give customers the quickest options for changing financial institutions.

NemKonto
NemKonto (Easy Account) is owed and run by the Danish Agency for Digitisation, but financial institutions play an important role in relation to helping citizens and companies with setting up and changing NemKonto. In this way, financial institutions contribute to ensuring data quality in the NemKonto register.

See more on the Agency for Digitisations homepage:NemKonto.

 

Cybersecurity

Criminals have moved to cyberspace and this is a threat to banks and customers. Banks are exposed to a range of threats such as DDoS, crimeware, phishing, smishing, fake "support calls" and traditional attempts at infrastructure hacking via the internet. 

As banks increase security and consumers use safer systems, criminals are forced to improve their approach for snapping up personal data such as NemID, card and account information.

The financial infrastructure in Denmark operates on several shared systems, in which financial and mortgage institutions are connected across the sector via data processing centres and payment and settlement systems. This structure involves interdependence and requires each participant to take responsibility for handling transverse risks in a secure and effective manner. There can be huge common consequences for the sector if there is a cybersecurity breach, which is a real threat to overall financial stability.

 

Standards

Financial standards for products, services and security must ensure that communication between financial institutions, companies and persons functions optimally. This means, for example, that a Danish payment card can be used while on holiday at a foreign ATM, or that companies can handle their financial transactions in the same way, whether it takes place in Denmark or abroad.

Finance Denmark participates in standardisation work within the financial sector, both internationally via ISO (International Organization for Standardization) and nationally via Dansk Standard. Participation ensures that Danish financial institutions are represented when standards are established. In this way, Danish financial institutions have the opportunity to influence the drafting of standards.

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Finance Denmark is an interest organisation for banks, mortgage institutions, asset management, securities trading and investment funds in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks, Danish branches of foreign banks, asset managers, Danish securities dealers and investment funds. 

Read more about Finance Denmark and our work