As it stands, Denmark has a robust IP infrastructure, used widely by individuals and businesses alike for fund transfers and payments. Straksclearing, also known as Express Transfers or RealTime 24/7, was launched in 2014 and is owned by the Danish Bankers Association and operated by Nets. It enables users to make P2P, C2B and B2B payments, although to offer IP, banks must participate in Straksclearing, as well as in the central bank’s payments system Kronos. They must also hold a primary account and a settlement account with Straksclearing
The system offers an Open API, enabling participants to build new services by integrating with the platform. The maximum limit for fund transfers is DKK500,000 ($76,718) and transfers are settled within 10 seconds. Consumers can transact through mobile apps for free, though certain banks may charge a small fee for online payments. Businesses are also charged a fee for using this system.
These factors have contributed to strong YOY growth of 36%, and the Danish IP market could grow even further with planned integration into the Pan European SCT Inst. The launch of P27 throughout the Nordic region will likely drive adoption even further.