GETTING STARTED WITH KRONOS Dokument: Version 1.8 14. november 2014
DANMARKS NATIONALBANK
Getting started with the Kronos terminal
14. november 2014
1 THE KRONOS TERMINAL - INTRODUCTION
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2 LOGON
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2.1 INITIAL USE OF THE KRONOS TERMINAL 2.2 ACCESSIBLE FUNCTIONS IN ALL WINDOWS
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3 ENTRY LIST
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4 QUEUE
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4.1 LIQUIDITY QUEUE 4.2 VALUE Q UEUE
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5 STANDING ORDERS
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6 PAYMENT
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6.1 6.2 6.3 6.4 6.5
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MT202 – PAYMENT TO ANOTHER ACCOUNT HOLDER MT103 – PAYMENT FROM AND/OR TO CUSTOMER TRANSFER FROM ONE ACCOUNT TO ANOTHER ( OWN ACCOUNTS) – “OVERFØRSEL” TRANSFER TO A CASH DEPOT – “KONTANTDEPOT” PAYMENTS VIA SWIFT
7 AUTO-COLLATERALISATION
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7.1 OVERVIEW 7.1.1 DIRECT DEBIT COLLATERAL RIGHT 7.2 CREATING A REQUEST FOR RESERVATION 7.3 CREATING A STANDING REQUEST FOR RESERVATION 7.4 TRANSFERRING EXCESS LIQUIDITY FROM THE CLS-ACCOUNT MANUALLY
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8 COLLATERAL MANAGEMENT
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8.1 8.2 8.3 8.4
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DEPOSITING SECURITIES WITHDRAWING SECURITIES OVERVIEW OF DAILY TRANSFERS REGISTERING ACCOUNTS
9 REJECTED PAYMENTS
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10 INTRADAY CLEARING – CLEARING OF SUM- AND INTRADAY CLEARING
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10.1 SETTLEMENTS
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10.2 EXCESS COVER
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11 THE FUNCTIONS HEADER IN THE MENU
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11.1 SHOW ACCOUNT DETAILS 11.2 ACCOUNT OVERVIEW 11.3 SEARCHING THE CURRENT ACCOUNT 11.4 SETTINGS 11.4.1 CHANGE PASSWORD 11.4.2 GLOBAL SETTINGS 11.4.3 ACCOUNT AUTHORISATIONS 11.4.4 POWER OF ATTORNEY 11.5 MANUAL TRANSFER OF EXCESS LIQUIDITY FROM THE CLS-ACCOUNT 11.6 AUTHORISATION
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12 THE INFO HEADER IN THE MENU
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12.1 12.2 12.3 12.4
NEWS NATIONAL OPERATING HOURS BUSINESS DAYS SETTLEMENT STATUS
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13 THE HELP HEADER IN THE MENU
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13.1 13.2 13.3 13.4
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CONTENT QUICK GUIDE LIST OF PARTICIPANTS ABOUT THE KRONOS TERMINAL
14 ADDITIONAL FUNCTIONS
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14.1 SAVE AND PRINT 14.2 NAVIGATION AND HELP 14.2.1 SHORTCUT KEYS 14.2.2 HELP 14.2.3 TABLES
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15 SWIFT EXAMPLES
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15.1.1 ALWAYS DKC IN FIELD 103 15.1.2 FIELD 53 15.1.3 INFORMATION FIELDS VIA POSEIDON 15.2 TRANSFER TO ANOTHER KRONOS PARTICIPANT. 15.3 TRANSFER TO OWN SETTLEMENT ACCOUNT 15.4 TRANSFER TO KRONOS PARTICIPANT (WITHOUT SWIFT) VIA POSEIDON 15.5 TRANSFER TO KRONOS PARTICIPANT IN RESPECT OF A POWER OF ATTORNEY ACCOUNT
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1 The Kronos terminal - Introduction This folder is an introduction to the key Kronos functions. Section 15 contains examples of SWIFT payments.
2 Logon Initial start-up of the Kronos terminal: 1. 2.
Go to: https://kronos.prod.dnkronos.dk/ The text "Klik her for at starte KRONOS Webstart Applikation." is shown. Click "Klik her"
3. 4.
If asked, accept BEC as a secure program (select "husk valg" (remember selection)) to avoid future prompts of this question). A shortcut will automatically be created on the desktop after your first log on.
Standard start-up of the Kronos terminal: 1. 2.
Click the shortcut (cf. 4. above) to log on to the Kronos terminal. Enter user ID (bank number + user name) and password as shown in the example below.
2.1 Initial use of the Kronos terminal If you are using the Kronos terminal for the first time and have not previously been logged on to any other BEC system, the assigned password will be single use. Immediately hereafter you will be asked to change your password. The sequence is as follows: 1.
Enter user ID and single use password. Click "OK" to log on. 4
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2.
Retype your existing (single use) password, then create your own password, retype it and click "OK" to validate your new password. 3. If your new password meets the password requirements the Kronos terminal will start. Click "Hjælp" (Help) to read more about password requirements and to draw inspiration for choosing a password.
"Posteringsliste" (entry list) is the default starting window, as seen below:
Click the drop-down "Konto nr." to access your accounts. If the drop-down menu "Konto nr." does NOT contain any accounts, you have not yet been 5
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allocated accounts via account authorisations. See section Account authorizations.
2.2 Accessible functions in all windows To access the eight main windows click the tabs: “Posteringsliste” (Entry list), “Kø” (Queue), “Stående ordre” (Standing order), “Betaling” (Payment), "Sikkerhedsret" (Auto-collateralisation), "Sikkerhedsstillelse" (Collateral Management), “Afviste betalinger” (Rejected payments) and "Intradagclearing" (Intraday Clearing). The menu bar, the tabs and the status bar are visible in each main window. You can access all Kronos functions via the menu bar. Most of the functions are also accessible via keyboard shortcuts (see section Fejl! Henvisningskilde ikke fundet.) or via buttons and tabs. It is possible to operate the Kronos terminal using only the keyboard. At the bottom of the Kronos window, there are two message fields. The left field provides system information and the right field provides news headlines. Important messages, like errors and Kronos news, will automatically appear in a dialogue box. The button “Konto detaljer" (Account details) is accessible in every tab and shows the calculation of the disposable amount. The button, however, has no effect in the tabs "Sikkerhedsret"(collateral right) and "Intradagclearing" (intraday clearing). Press the button "Opfrisk" (Refresh) to retrieve most recent information. The button is accessible in every tab except "Betaling".
3 Entry list The default starting tab is the entry list for the current account. Click the arrow on the drop-down menu "Konto nr." to see a list of available accounts, including power of attorney accounts. Furthermore, it is possible to enter account numbers directly in the drop-down menu. Alternatively, click "Find konto" (Find account) for additional search options. Click "Søg" (Search) to search among all entries by value date, time of entry, amount and counterparty. To ensure a reasonable response time, only certain combinations of search criteria are available. One example is a max of 45 search results for each search; another is the impossibility of searching among today's date. When you select an account, all entries of the day are shown, sorted in 6
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descending order by time of entry. You can sort the entries for a chosen column in ascending or descending order by clicking the relevant column header. The subject on which the sorting is based will be shown in the column header. You cannot sort by "Saldo" (Balance) and "Status". If you double-click a specific entry in the list you will get a pop-up showing all available details for that entry. For the Current Account only, a filtering function is available via the button "Post. Filter". The function enables filtering between three groups: MT103, MT202 and "Øvrige Posteringer ("Other Entries"). Clicking "Post. Filter" causes the following pop-up window to appear:
Three types of entries to be shown in the filter can be chosen in this window. All three types are selected as default. The filter is activated by selecting the types of entries desired, deselecting undesired types. Clicking "Udfør" (execute) activates the filter, leaving "gaps" in the consecutive numbering of the entries as the filter leaves out some entries. The filter is deactivated by selecting all types of entries (as shown in the window above), causing every entry to be shown again. The filter is automatically deactivated by logging out of Kronos. The most recent entry in the entry list is always shown, regardless of the use of "Post. Filter". This causes consistency between the balance of the current account and the fields "Maksimum" and "Disponibelt" (disposable) at the top of the entries. Above the entries, two net totals are shown:
Sum MT103: the net total of all outgoing and ingoing MT103 payments. Sum Filter: the net total of all filtered entries. If the filter is deactivated, the 7
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field is empty. The symbols in the "Status" column apply to SCP-payments1 only. They indicate the following:
A green happy smiley indicates a completed payment . A red sad smiley indicates a rejected payment .
4 Queue Clicking the "Kø" (Queue) shows two tabs: “Likviditetskø” (Liquidity queue) and “Valør kø” (Value Queue).
4.1 Liquidity Queue The liquidity queue lists every payment that awaits sufficient funds to be completed. All Kronos participants have access to the liquidity queue.
You can move one or more payments in the queue by marking the relevant payment(s) and clicking "Forrest" (Top of queue), "Frem" (Up), "Tilbage" (Down) or "Bagerst" (Bottom of queue). These buttons are inactive until a payment is selected. A second user must authorise any change. 1
Scandinavian Cash Pool
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To delete a payment from the queue, click "Slet" (delete) after highlighting the payment. A second user must authorise the deletion. If you select "Uden bypass" (Without bypass) payments will be settled in the sequential order displayed in the queue. Selecting "Med bypass" (With bypass) causes any payment with sufficient funds to be settled in the sequential order displayed.
4.2 Value Queue The value queue contains future dated payments. SWIFT participants can send future dated payments from their SWIFT system. SWIFT participants can view and delete payments in their value queue.
5 Standing orders Standing orders are fixed transfers from a current account to the corresponding settlement accounts used to transfer liquidity to the Sum clearing, Intraday clearing, Express clearing or VP settlements. The tab shows the registered standing orders. Amounts can be changed by doubleclicking. It is possible to select "Fravælg tømning" (Deselect emptying of account) for the VP settlements in which you participate. It is not possible to select "Fravælg tømning" for the Sum clearing, Intraday clearing and Express clearing. 9
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A blue asterisk in the "Status" column indicates that an amount and/or selection of "Fravælg tømning" has been changed. To save this change, select the changed row and click "Gem" (Save). The change requires authorisation by a second user. A red minus sign in the "Status" column indicates that a change has not yet been authorised by a second user. All changes will automatically be updated and shown on your screen. There is, however, no automatic update for changes made by other users, so click "Opfrisk" (Refresh) regularly to update. Selecting the "Fravælg tømning" option for VP settlements (blocks 10, 20 and 30) causes any remaining funds from the settlement not to be emptied to the current account before completion of block 40. Selecting the "Fravælg tømning" option for VP settlements (block 40) causes any remaining funds from this settlement not to be emptied to the current account before completion of block 60. For the night time settlement in the Sum clearing, Intraday clearing and Express clearing, it is possible to select "Mest muligt" (Highest possible). Selecting "Mest muligt" causes the total disposable amount from the current account to be transferred to the settlement account for the Sum- and Intraday clearing. The transfer takes place at the time stated in the row "Intradag01.30 MM", column "Overførselstid". The function "Mest muligt" is selected as default, but can be deselected. If 4eyes-principle applies, the change is to be authorised in "Funktioner"(functions) – "Autorisering"(authorization) – "Stående ordre"(standing orders).
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6 Payment There are four types of payments impacting the current account:
Payments to another account holder – MT202 Payments from/to a customer – MT103 Transfer from one account to another (own accounts) Transfer to a cash depot
The layout of the payment window mimics the layout of SWIFT payments. Selecting "Gem skabelon" (Save as template) saves entries as a template for future use.
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6.1 MT202 – Payment to another account holder
All fields with an asterisk are mandatory, while fields without an asterisk are optional. Receiver: Enter the receiving account holder's BIC address (Mandatory). Field (32A) Amount: Enter the amount (Mandatory). Field (58A) Beneficiary Institution, BIC: Pre-completed with Receiver (see above). You can replace the receiver by the receiving account holder's account number in the first field and the receiving account holder's BIC address in the second field (Optional). Field (72) Sender to Receiver Information: A message to the receiver can be entered here. Payments will be rejected if the message does not comply with SWIFT requirements. The first requirement is that the first text block begins with a valid SWIFT code. "/REC/" is automatically entered, but you can replace it with any other valid SWIFT code. The second requirement is that all subsequent text blocks begin with two slashes "//". The slashes are automatically entered (Optional). You can create a template with information on a payment by: 1.
Fill in the relevant fields (receiver, amount and optional text) 12
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Click "Gem skabelon" (Save as template) Name the template in the pop-up
The template is now available in the drop-down menu. You can also modify an existing template by: 1. 2. 3. 4.
Select the relevant template in the drop-down menu Modify the relevant fields Click "Gem skabelon" (Save as template) Select "Gem som eksisterende skabelon" (Save as existing template)
You can delete an existing template by: 1. 2. 3.
Click "Slet skabelon" (Delete template) Select the template to be deleted in the pop-up list Click "OK"
If a template has been created for a power of attorney account and the account holder no longer has power of attorney to the relevant account, the template will no longer be shown to that account holder.
6.2 MT103 – Payment from and/or to customer
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Any field with an asterisk are mandatory, while fields without an asterisk are optional. Receiver: Enter the receiving account holder's BIC address (Mandatory). Field (32A) Amount: Enter the amount (Mandatory). Field (50) Ordering Customer – Account – Name & Address: Enter the sender's account number in the first field (Optional field). Enter the sender's name and address in the following fields (Mandatory). Field (57A) Account with Institution – debit/credit code, Account, BIC: Enter the account number and BIC address of the account holder, with whom the receiver has an account (Optional). Field (59) Beneficiary Customer – Option, Account, BIC: This field depends on whether or not the receiver has a BIC address. It is mandatory either to enter the BIC address or the name and address of the receiver. 1.
2.
If the receiver does not have a BIC address then a) leave the first field in the first line empty, b) enter receiver's account number in the second field, c) leave the third field empty and d) enter the name and address of the receiver in the following lines. If the receiver does have a BIC address then a) enter "A" in the first field in the first line and b) enter the BIC address in the third field. If you enter the receiver's BIC address it is optional to enter the name and address of the receiver.
Field (72) Sender to Receiver Information: A message to the receiver can be entered here. Payments will be rejected if the message does not comply with SWIFT requirements. The first requirement is that the first text block begins with a valid SWIFT code. "/REC/" is automatically entered, but you can replace it with any other valid SWIFT code. The second requirement is that all subsequent text blocks begin with two slashes "//". The slashes are automatically entered (Optional). You can create a template with information on a payment by: 1. 2. 3.
Fill in the relevant fields (receiver, amount and optional text) Click "Gem skabelon" (Save as template) Name the template in the pop-up
The template is now available in the drop-down menu. You can also modify an existing template by: 14
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Select the relevant template in the drop-down menu Modify the relevant fields Click "Gem skabelon" (Save as template) Select "Gem som eksisterende skabelon" (Save as existing template)
You can delete an existing template by: 1. 2. 3.
Click "Slet skabelon" (Delete template) Select the template to be deleted in the pop-up list Click "OK"
If a template has been created for a power of attorney account and the account holder no longer has power of attorney to the relevant account, the template will no longer be shown to that account holder.
6.3 Transfer from one account to another ( own accounts) – “Overførsel” The "Beløb" (Amount) field is mandatory, while the text field is optional. Beløb (Amount): Enter the amount. Valørdato (Value date): Today's date is automatically entered and cannot be modified. Select the account you will make the transfer from by clicking the drop-down menu "Konto nr." (Account no.) at the top of the window below the main tabs. Select the account you will make the transfer to by clicking the drop-down menu "Til konto" (To account) below the "Valørdato" field. When an amount is transferred from a folio account to a settlement account for Retail Payments (17-xxxxx), there will automatically be sent new credit lines to Nets. The transfer and the new credit line will appear in Kronos -> "Detailafviklinger". A transfer from a folio account to a settlement account for Retail payments is called "increase of credit line". You can choose between your own accounts and power of attorney accounts. Transfers can only be made between accounts of the same account holder. Tekst (Text): You can enter any information in this field. Always begin with two slashes "//".
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6.4 Transfer to a cash depot – “Kontantdepot” Clicking the "Kontantdepot" (Cash depot) gives access to transfer an amount to an intermediary account for a cash depot in order to issue cash from the depot. The "Beløb" (Amount) and "Til konto" (To account) fields are mandatory fields, while the rest of the fields are optional. Beløb (Amount): Enter the amount. Valørdato (Value date): Today's date is automatically entered and cannot be modified. Select the account you will make the transfer from by clicking the drop-down menu "Konto nr." (Account no.) at the top of the window below the main tabs. Select the account you will make the transfer to by clicking the drop-down menu "Til konto" (To account) below the "Valørdato" field.
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6.5 Payments via SWIFT SWIFT account holders can make payments via SWIFT to other SWIFT account holders. Examples of SWIFT payments are illustrated in section 14. Some SWIFT account holders have chosen the Poseidon module. This module converts incoming payments from all Kronos participants to SWIFT standard, regardless of the sender's SWIFT status. Examples of SWIFT payments via the Poseidon module are illustrated in section 14. Account holders without SWIFT cannot access the Poseidon module. The module can only be activated by SWIFT account holders.
7 Auto-collateralisation To access the "Sikkerhedsret" (Auto-collateralisation) window select a collateral rights account (account type 093) in the "Konto nr." drop down-menu.
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7.1 Overview The screen shows an overview of all authorised requests for reservations as well as requests awaiting authorisation. Requests for reservations awaiting authorisation will be marked "til autorisation" in the "Status" column. "Formål" (purpose of reservation) and "Beløb" (amount) are self-explanatory. The "Reduceret" (reduced) column shows whether the requested amount has been reduced by VP (in case of limitations on maximum amount). The "Retsvirkningstid" (Time of legal effect) column shows the time that VP has registered for the request for reservation to be effectuated. The column "Status" provides the status of the request. The status is a numeric code and a related text. A check mark in the "Stående" (Standing) column indicates that the request for reservation is recurring. An overview of is shown of approved requests for reservations for VP block 35 and CLS as well any request awaiting authorization. Requests awaiting authorisation have status "Til authorisation" in the status column.
7.1.1 Direct Debit collateral right Selecting "Brug af Direct Debit sikkerhedsret" causes Direct Debit collateral right in connection with the settlements in the Sumclearing, Intraday clearing 18
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and Express clearing, except clearing at 3:00 a.m. In case of extraordinary cycles of Sum clearing, the function cannot be used, and therefore the participant has to transfer liquidity manually. Also it is not possible to use the functionality for Express clearing at 14:30 p.m. If the function is deselected (no tick mark), the function will not be used for any settlement in the Sum-, Intraday- and Express clearing. The function is selected as default. To deselect, remove the tick mark and click "Gem D. Debit" (save direct debit). If 4-eyes-principle applies, the column "Status" will read "Status: Til autorisering"(status: to be authorized). The change can be authorized in "Funktioner"(functions) – "Autorisering"(authorization) – "Direct Debit sikkerhedsret"(Direct Debit collateral right). Direct Debit collateral right cannot be authorized during settlement. Settlement begins when the forecast is received (approx. 35 min before settlement time) and ends when the net position is stated. If "Autoriser"(authorize) is clicked during settlement the following text is stated in the bottom left field: "Der kan ikke foretages ændringer, der er en afvikling i gang."(Changes are not accepted during a settlement). Click "Autoriser"(authorize) to authorize the change. After authorization the "Status" column will no longer display "Til autorisering". The change can be rejected by clicking "Afvis"(reject).
7.2 Creating a request for reservation A new request for reservation is created by clicking "Ny" (New) in the "Sikkerhedsret" window.
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Enter the purpose of the reservation, the amount and the date in the pop-up window in the "Sikkerhedsretsformål", "Ønsket maksimalt reservationsbeløb" and "Reservationsdato" fields, respectively. Time of reservation can be entered only if the option "Anmelder angiver tidspunkt" (Applicant decides the time) is selected in the field "Kode for reservationstid" (Format for time of reservation). Click "OK" when the fields are filled-in. The request for reservation requires authorisation by a second user. To authorise the request for reservation, mark the relevant reservation in the overview and select "Vælg". The request is now authorised, and the status of the request has changed in the overview. Any already existing request for reservation can be cancelled. Use the same pop-up as for the creation of reservation. Click "Slet" (Delete). The status will change to "Afvikling annulleret" (Request cancelled) when it has been authorised by a second user. Only requests for reservation prior to the moment of effect can be cancelled.
7.3 Creating a standing request for reservation To create a standing request for reservation mark the request with the relevant purpose and a check mark in the "Stående" (Standing) column in the overview and click "Vælg" (Select). If a standing request for reservation with the specific purpose has yet to be created, the status will be shown as "Ej oprettet" (Not created).
Enter the amount in the pop-up window in the "Maksimalt reservationsbeløb" (Maximum amount for reservation) field. You can enter information on the reservation time if you select the "Anmelder angiver tidspunkt" (Applicant decides the time) option in the "Kode for reservationstid" (Format for time of reservation) field. 20
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After the filling-in click "OK". The standing request for reservation requires authorisation by a second user. To authorise the standing request for reservation, mark the relevant reservation in the overview and select "Vælg". The standing request is now authorised, and the status of the request has changed in the overview. You can cancel an already existing standing request for reservation. Use the same pop-up as for the creation of a standing reservation. Click "Slet" (Delete). The status will change to "Afvikling annulleret" (Request cancelled) when it has been authorised by a second user. If you cancel a standing request for reservation you cannot create a new standing request for reservation until the following day. You can, however, create an ordinary request for reservation.
7.4 Transferring excess liquidity from the CLS-account manually To transfer liquidity from a CLS-account (account type 096) manually, select the function "Funktioner" -> "Manuel tømning af overskydende likviditet fra CLSkonto" (Functions -> Manual transfer of excess liquidity from CLS-account). The function can be selected only if a CLS-account in the "Konto nr." drop-down is chosen.
Choose the maximum amount by ticking the box or choose to enter an amount in the "Beløb" (amount) field. The amount cannot exceed the maximum amount. The transfer requires authorisation by a second user.
8 Collateral Management The "Sikkerhedsstillelse" (Collateral Management) window provides an overview of collateral management accounts and securities deposited as collateral. The default currency is DKK and therefore DKK denominated securities are shown. If you change the currency to EUR, the list of securities will be updated and show EUR denominated securities.
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Selecting "Alle" (All) in the drop-down menu in the "Depot nr." (Account number) field provides a list of all securities in each collateral management account deposited as collateral for the selected account. Alternatively the field can be used to select and list the securities of a specific collateral management account. All information is retrieved from VP and can be updated by clicking "Opfrisk" (Refresh).
8.1 Depositing securities To deposit securities click "Indlæggelse" (Deposit). If you want to deposit an additional amount of a security, which you have already deposited, click the security in the overview before you click "Indlæggelse" and most of the fields will appear with default values.
Fill in the "Møntkode" (Currency), "Til Depot nr." (Account for deposit), 22
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"Overføres nominelt" (Nominal amount) and "ISIN" fields. Tick the "Udtrukne" (Drawn) box to include repayments related to drawing, if any. Select the account from which the deposit is to be made in the "Fra Depot nr." (Account for withdrawal) field. Click "OK" to deposit. The deposit requires authorisation from a second user.
8.2 Withdrawing securities To withdraw securities deposited as collateral click "Udtagning" (Withdrawal). To simplify the process mark the security you want to withdraw in the overview, before you click "Udtagning" and most of the fields will appear with default values.
If you have marked the security in the overview then enter the nominal amount in the "Overføres nominelt" field and select the receiving account in the "Til Depot nr." field. Alternatively, if you have not marked the security in the overview, click "Udtagning" and fill in all the fields. Click "Udtag" (Withdraw) to update the withdrawal. The withdrawal requires authorisation from a second user.
8.3 Overview of daily transfers To view the day's VP securities transfers for a selected account click "Bevægelser" (Transfers). The transfers will be shown in a pop-up window (default is all accounts).
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You can select DKK or EUR in the "Møntkode" field. The drop-down menu "Vis type" (Select kind) you can sort by, deposits, withdrawals and all (default). You can change the date in the "Dato" (Date) field and search among transfers going up to 9 banking days back in time.
8.4 Registering accounts When you have registered your collateral management accounts they will automatically be a selectable option in your collateral management transactions. To register your own VP collateral management accounts in Kronos click "Reg.depot" (Register account). Enter your CD-ident in the "CDident" field and your own VP account in "eget VP depot" (own VP account) field in the pop-up window. Click "Opret" (Create) to register a VP account. To delete an already existing VP account select the account in the drop-down menu in the same pop-up window and click "Slet" (Delete).
9 Rejected payments The "Afviste betalinger" (Rejected payments) window shows the time of receipt of a rejection message, the rejection code and an error message. To get more details on the rejected payment, select the payment and double-click.
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10 Retail Payments– Clearing of Sum-, Intraday and Express Clearing Participants having an active account type 095 have access to the tab "Detailafviklinger" (Retail Payments). In this tab, further two tabs are available: "Detailafviklinger" (Retail Payments) and "Overdækning". The same account is used for Sum-, Intraday and Express Clearing.
10.1 Settlements Status for settlements for the current day is displayed in the tab "Detailafviklinger"(Retail Payments).
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The following table provides a detailed description for each settlement. Settlement overview Settlement
Details
Detail01.30
Settlement in Express clearing 00.50 am. Settlement in the Sum- and Intraday Clearing 1.30 a.m.
Detail03.00
Settlement in the Sum clearing 3.00 a.m. – only relevant if the Sum clearing did not finish 01.30 am.
Detail06.00
Settlement in Express clearing 05.20 a.m. The sum clearing at 6:00 a.m. takes place on each first banking day after a bank closing day. In addition, a settlement in the Sum- and/or Intraday clearing is relevant, if any of these did not finish in the previous cycle.
Detail09.00
Settlement in Express clearing 08.20 a.m. Settlement in the Intraday clearing. This can include a settlement in the Sum clearing, if this did not finish in the previous cycle.
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Settlement in Express clearing 11.20 a.m. Settlement in the Intraday clearing. This can include a settlement in the Sum clearing, if this did not finish in the previous cycle.
Detail14.00
Settlement in Express clearing 13.20 p.m. Settlement in the Intraday clearing. This can include a settlement in the Sum clearing, if this did not finish in the previous cycle.
Detail14.30
Settlement in Express clearing 14.30 p.m.
Extraordinary Extraordinary settlement in the Sum clearing. The settlement takes place at an announced hour within Kronos' opening hours. Extraordinary settlements must be finished before 3.00 pm.
The drop-down gives access to any settlement of the day, which is either in progress or finished. It is also possible to see the settlement of the previous day. The drop-down is updated with a new settlement, as soon as the standing orders are processed or the Express settlement instruction is received. Express clearing settlement instruction is received 5 minutes before the forecast. "Aktivitet" (activity) provides the user with a liquidity overview for the chosen settlement, view of settlement instructions for Sum-, Intraday, Express clearing and view of credit lines for the current or previous settlement. "Disponibelt beløb" is equal to the balance at that time where the drop-down is initiated, i.e. when the stading orders are processed or when the Express clearing settlement instruction is received. Increases and decreases are amounts that’s have been transferred to and from the settlement account. By decrease or increase the latest credit line will be updated. If a participant wants to Increase the credit line, it must be initiated in Kronos -> "Betalinger – overførsler". A decrease must be initiated in Nets userinterface Hubben. The liquidity needs is equal to the sum of the net position of the forecast, ,the particiant's chosen excess cover amount and the participant's registered Express amount. . The liquidity needs are always at least zero. The liquidity can be provided by increases or decreases from or to the settlement account, by standing orders, by using the facilities "Direct Debit sikkerhedsret" and "Direct Debit folio account". Based on the provided liquidity, the credit line is calculated and sent to Nets. When the settlement is finalized, the Express clearing will appear as the last activity in the drop-down screen. 27
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10.2 Excess Cover Amount Excess Cover is a fixed amount, used in the calculation of the liquidity requirement for any settlement in the Sum, Intraday and Express clearing. The amount is 0 as default, and can be changed in the tab "Overdækning" (excess cover). After changing the amount, press "Gem" (save). If 4-eyes-principle apply, the status changes to "Status: Til autorisering" (status: To be authorized).
If 4-eyes-principle apply, any change of Excess Cover must be authorized by another user. To this end, choose "Funktioner" - "Autorisering" (Functions -> Authorization) and here after "Detailafviklinger, overdækning til forecast" (Retail Payments, excess cover for forecast). During a settlement, excess cover cannot be changed. A settlement runs from receipt of forecast until completion of settlement (approx. 35 min). Press "Autoriser" (authorize) to authorize. Reject the change by pressing "Afvis" (reject). Press "Opfrisk" (refresh) to update the window. This will remove "Status: Til autorisation" (status: for authorization).
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11 The functions header in the menu 11.1 Show account details (Funktioner -> Vis kontodetaljer) in the menu bar displays the calculations of the available funds. The function is also available by clicking "Kontodetaljer" (Account details) in all windows.
11.2 Account overview (Funktioner -> Kontooversigt) in the menu bar allows you to search among all available accounts. The "Vælg" (Select) button is inactive until you have marked an account. The "Kontodetaljer" (Account details) button is inactive unless you mark an account with type 100 or 089. The function is also available by clicking "Find konto" (Search for account) in all windows.
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11.3 Searching the current account You can search in the entry list via the menu bar (Funktioner -> Søgning i Posteringslisten) or by clicking "Søg" (Search) in the entry list window. A detailed description can be found in section 3.
11.4 Settings 11.4.1
Change password
To change your password, go to (Funktioner -> Opsætning -> Skift Password) in the menu bar. The creation of passwords was described in section 2.1.
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Global settings
A super user can determine the screen update frequency via (Funktioner -> Opsætning -> Global Indstilling) (Functions -> Set-up -> Global Settings) in the menu bar. SWIFT account holders can also select to receive various SWIFT service messages. These settings will be active for all users of an account holder.
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Account authorizations
Individual users are initially registered in the BEC "Sign-On system". When a user has been registered the account holder shall allocate the relevant authorisations to the user so the user can access the various accounts. To allocate authorisations go to (Funktioner -> Opsætning -> Kontoautorisationer) in the menu bar.
The procedure to allocate, modify or delete account authorisations is as follows: 1. 2.
3.
4.
5.
Select the relevant user in the "Ekspedient" (User) field. You can view the accounts the user has access to in the "Gældende autorisationer" (Current authorisations) field. The user's current authorisations to those accounts are check marked. A marked authorisation can be modified or deleted. You can view the accounts the user does not have access to in the "Konti uden Autorisationer" (Accounts without authorisations) field. To add a new account to a user's authorisations select the relevant account and click "Tilføj" (Add). The account is now awaiting authorisation in the "Autorisationer til godkendelse" (Authorisations pending approval) field. A new authorisation will by default have a check mark in "Forespørg" (Inquire). To add more authorisation codes select the relevant codes and click "Gem ny" (Save new). All authorisations must be authorised by a second user. To authorise a new, modified or deleted authorisation, click the "Godkend" (Approve) or "Afvis" (Reject) button in the "Autorisationer til godkendelse" field. 32
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Power of attorney
One account holder can give another account holder power of attorney to carry out transactions on his accounts. To manage such powers of attorney go to (Funktioner -> Opsætning -> Fuldmagter).
The procedure to give, modify or delete a power of attorney is as follows: 1. 2.
3.
4.
5.
Select the relevant user in the "Fuldmagtsmodtager" (Power of attorney recipient) field. You can view the power of attorney accounts a user has access to in the "Gældende fuldmagter" (Current powers of attorney) field. The user's current authorisations to those powers are check marked. A marked power of attorney can be modified or deleted. You can view the accounts the user does not have power of attorney to in the "Kontoliste" (List of accounts) field. To give power of attorney to a new account, select the relevant account and click "Tilføj" (Add). The account is now awaiting authorisation in the "Fuldmagter til godkendelse" (Powers of attorney pending approval) field. A new power of attorney will by default have a check mark in "Forespørg" (Inquire). To add more authorisation codes select the relevant codes and click "Gem ny" (Save new). All powers of attorney must be authorised by a second user. To authorise a new, modified or delted power of attorney, click the "Godkend" (Approve) 33
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or "Afvis" (Reject) button in the "Fuldmagter til godkendelse" field.
11.5 Manual transfer of excess liquidity from the CLS-account A detailed description of this function can be found in section 7.4.
11.6 Authorisation Dependent on a user’s authorisation codes some actions may have to be authorised by a second user. To authorise an action go to (Funktioner -> Autorisationer) (Functions -> Authorisations) in the menu bar. Choose the relevant option e.g. payments or queue changes. When you click an option a list with new entries, changes or deletions awaiting authorisation will appear.
12 The info header in the menu 12.1 News To get specific Kronos news and news for Danmarks Nationalbank (corresponding to the news in the DN Inquiry and Transfer System) go to (Info > Nyheder) (Info -> News) in the menu bar. News will be presented both visually and auditory by a letter icon at the bottom right on the screen and an alarm (beep).
12.2 National operating hours To view DKK operating hours go to (Info -> Åbningstider Indland) (Info -> National operating hours) in the menu bar.
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12.3 Business days To view DKK business days go to (Info -> Åbningsdage) (Info -> Business days) in the menu bar. A black date indicates a good business day and a red date indicates a non-business day.
12.4 Settlement status To view the day's Sumclearing, VP, etc. settlement status go to (Info -> Afviklingsstatus) (Info -> Settlement status) in the menu bar.
The symbol next to the currency indicates the following:
A green tick √ indicates that the settlement has taken place. A blue asterisk * indicates that the credit lines have been sent. An orange exclamation mark ! indicates that the settlement has been 35
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postponed.
13 The help header in the menu 13.1 Content Click (Hjælp -> Indhold) (Help –> Content) to open a link listing the help content.
13.2 Quick Guide Click (Hjælp -> Quick guide) (Help -> Quick Guide) to open a link to the Quick Guide.
13.3 List of participants Click (Hjælp -> Deltagerliste) (Help -> List of participants) to get a list of the Kronos participants. You can search the list for a specific participant by name or BIC code.
13.4 About the Kronos terminal Click (Hjælp -> Om Kronos terminalen) (Help -> About the Kronos terminal) to open a link to a page listing version, software requirements etc.
14 Additional functions 14.1 Save and Print Click (Filer -> Gem) (Files -> Save) to save data from the entry list or your search result in a comma-separated file (a text file, where the table framework is replaced by commas). Click (Filer -> Print) (Files -> Print) to open a new browser window with a printfriendly version of the screen display. Click the "print" button in the new window to print. 36
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14.2 Navigation and help You can access all functions by using the mouse and/or the keyboard. Keyboard navigation is identical to Windows navigation.
14.2.1
Shortcut keys
All menus in the menu bar and buttons have an underscored letter. Press the underscored letter and the [ALT] key to select an item. When you press e.g. [ALT] + F you select the "Files" menu and when you press [CTRL] + P the "Print" function. There are shortcut keys for the most commonly used functions, i.e. [CTRL] key + one character.
14.2.2
Help
When you place the mouse pointer on an entry field on the screen, a help text related to that field will be shown. You can also get help and find examples under the "Hjælp" (Help) menu item. Click the help button at the bottom of the screen to get specific help relating to the current screen.
14.2.3
Tables
When you double-click an entry in a table a new window will open if further information on that entry is available. You can sort tables in ascending or descending order by clicking the column header you want to sort by. The authorisation code determines whether or not you have access to a given function. Some functions/menu items may therefore not be accessible to all users.
15 SWIFT examples This section briefly describes the Kronos requirements from Kronos to SWIFT messages and you will be taken through examples of typical messages.
15.1.1
Always DKC in field 103
To process a payment in Kronos the sender must enter "DKC" in the Header 103 "FIN Copy service identifier" field. This applies to all payment messages. Danmarks Nationalbank has no further requirements. If possible, always send a payment message directly to the payment receiver except a Poseidon payment to a participant without SWIFT. A Poseidon payment to a participant without SWIFT shall be sent to DKNBDKK3.
15.1.2
Field 53
SWIFT payments with an entry in field 53 are always considered as payments on behalf of an account you have power of attorney to; cf. examples 6 and 7 below. Field 53 shall therefore only be filled, if the payment is on behalf of an account you have power of attorney to. If the payment is on behalf of an 37
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account you have power of attorney to, the BIC code of the account holder is entered in field 53.
15.1.3
Information fields via Poseidon
If you send a SWIFT payment via Poseidon to an account holder without SWIFT, note that only some of the fields will be visible to the receiver. The receiver can only view the fields that Kronos receives via FIN Copy (MT202: 20, 32, 52, 53, 54, 57, 58, MT103: 20, 32, 52, 53, 54, 57).
15.2 Transfer to another Kronos participant. You can use MT103 and MT202. Enter the payment recipient as receiver, and enter the "FIN Copy service identifier" "DKC" in Header 103 field. Kronos has no further format requirements. Kronos will debit the sender’s current account and credit the receiver’s current account. You need not send a cover message. Example 1: BNK1 is to transfer DKK 1 00.00 DKK to BNK2 via an MT103 Tag
M M O O M O O M
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 23B Bank Operation Code 23E Instruction Code 26T Transaction Type Code 32A Value Date, Currency Code, Amount 33B Currency/Original Ordered Amount 36 Exchange Rate 50K Ordering Customer
O O O O O O O M
51A 52A 53A 54A 55A 56A 57A 59A
O 70 M 71A O 71F
Value MT103 BNK1DKKK BNK2DKKK DKC 123456 CRED
010820DKK100,00 DKK100,00 /Customer account1 Customer name1
Sending Institution Ordering Institution Sender’s Correspondent Receiver’s Correspondent Third Reimbursement Institution Intermediary Institution Account With Institution Beneficiary Customer /Receiving customer account1 Receiving customer name1 Remittance Information Details of Charges OUR Sender’s Charges 38
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71G 72 77B 77T
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Receiver’s Charges Sender to Receiver Information //REC/Hello Regulatory Reporting Envelope Contents
Example 2: BNK1 is to transfer DKK 2 00.00 DKK to BNK2 via an MT202 Tag
M M M O O O O O M O
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 21 Related Reference 32A Value Date, Currency Code, Amount Institution 52A Ordering 53A Sender’s Correspondent 54A Receiver’s Correspondent 56A Intermediary Institution 57A Account With Institution 58A Beneficiary Institution 72 Sender to Receiver Information
Value MT202 BNK1DKKK BNK2DKKK DKC 123456 123456 010820DKK200,00
BNK2DKKK //REC/Hello
15.3 Transfer to own settlement account Use MT202. Send an MT202 to Danmarks Nationalbank as receiver at DKNBDKK3. Enter "DKC" as "FIN Copy service identifier" in the Header 103 field. Enter your own BIC code and settlement account in field 58. Kronos has no further format requirements. Example 3: BNK1 is to transfer DKK 3,000.00 DKK to own settlement account 45678 Tag
M M M O O O O O
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 21 Related Reference 32A Value Date, Currency Code, Amount Institution 52A Ordering 53A Sender’s Correspondent 54A Receiver’s Correspondent 55A Third Reimbursement Institution 56A Intermediary Institution
Value MT202 BNK1DKKK DKNBDKK3 DKC BNK123456 BBnk123456 010824DKK3000,00
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Account With Institution Beneficiary Institution
/45678 BNK1DKKK Sender to Receiver Information //REC/Hello
15.4 Transfer to Kronos participant (without SWIFT) via Poseidon You can use MT103 and MT202. Send an MT 103 or MT202 to Danmarks Nationalbank as receiver at DKNBDKK3. Enter "DKC" as "FIN Copy service identifier" in the Header 103 field. Enter the receiving account holder (without SWIFT) in field 57A in case of an MT103 or in field 58A in case of an MT202. Kronos has no further format requirements. Example 4: BNK1 is to transfer DKK 400.00 DKK to BNK3 via Poseidon via an MT202 Tag
M M M O O O O O M O
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 21 Related Reference 32A Value Date, Currency Code, Amount Institution 52A Ordering 53A Sender’s Correspondent 54A Receiver’s Correspondent 56A Intermediary Institution 57A Account With Institution 58A Beneficiary Institution 72A Sender to Receiver Information
Value MT202 BNK1DKKK DKNBDKK3 DKC 123456789 234567890 010822DKK400,00
BNK3DK21 //REC/Poseidon
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Example 5: BNK1 is to transfer DKK 50.00 DKK to BNK3 via Poseidon via an MT103 Tag
M M O O M O O M
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 23B Bank Operation Code 23E Instruction Code 26T Transaction Type Code 32A Value Date, Currency Code, Amount 33B Currency/Original Ordered Amount Rate 36 Exchange 50K Ordering Customer
O O O O O O O M
51A 52A 53A 54A 55A 56A 57A 59A
O M O O O O O
70 71A 71F 71G 72 77B 77T
Value MT103 BNK1DKKK DKNBDKK3 DKC 123456 CRED
010820DKK50,00 DKK50,00 /Customer account1 Customer name1
Sending Institution Ordering Institution Sender’s Correspondent Receiver’s Correspondent Third Reimbursement Institution Intermediary Institution Account With Institution BNK3DK21 Beneficiary Customer /Receiving customer account1 Receiving customer name1 Remittance Information Details of Charges SHA Sender’s Charges Receiver’s Charges Sender to Receiver Information //REC/Hello Regulatory Reporting Envelope Contents
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15.5 Transfer to Kronos participant in respect of a power of attorney account You can use MT103 and MT202. If you have power of attorney to an account on behalf of another account holder, you can debit that account holder by entering his BIC code in field 53. Example 6 : BNK1 is to transfer DKK 6 00.00 DKK to BNK2 on behalf of BNKF via an MT202 Tag
M M M O O O O O M O
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 21 Related Reference 32A Value Date, Currency Code, Amount Institution 52A Ordering 53A Sender’s Correspondent 54A Receiver’s Correspondent 56A Intermediary Institution 57A Account With Institution 58A Beneficiary Institution 72 Sender to Receiver Information
Value MT202 BNK1DKKK BNK2DKKK DKC 123456 123456 010820DKK600,00 BNKFDK21
BNK2DKKK //REC/Hello
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Example 7: BNK1 is to transfer DKK 70.00 DKK to BNK2 on behalf of BNKF via an MT103 Tag
M M O O M O O M
Field Name Message type Sender Receiver Heade FIN Copy Service Identifier r 103 20 Transaction Reference Number 23B Bank Operation Code 23E Instruction Code 26T Transaction Type Code 32A Value Date, Currency Code, Amount 33B Currency/Original Ordered Amount Rate 36 Exchange 50K Ordering Customer
O O O O O O O M
51A 52A 53A 54A 55A 56A 57A 59A
O M O O O O O
70 71A 71F 71G 72 77B 77T
Value MT103 BNK1DKKK BNK2DKKK DKC 123456 CRED
010820DKK70,00 DKK70,00 /Customer account1 Customer name1
Sending Institution Ordering Institution Sender’s Correspondent BNKFDK21 Receiver’s Correspondent Third Reimbursement Institution Intermediary Institution Account With Institution Beneficiary Customer /Receiving customer account1 Receiving customer Remittance Information name1 Details of Charges OUR Sender’s Charges Receiver’s Charges Sender to Receiver Information //REC/Hello Regulatory Reporting Envelope Contents
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