The National Bank of Denmark has successfully migrated Danish krone payments from the domestic Kronos2 system to the pan-European TARGET Services. The move aligns Danish krone payment processing with the Eurosystem’s infrastructure, which the central bank links to stronger protection against persistent cyber threats, while leaving day-to-day payments unchanged for users. Payments in Danish kroner are now processed via T2 and the instant payments system TIPS, and securities transactions in Danish kroner continue to be handled in T2S, where they have been since 2018. This centralises payments and securities transactions in Danish kroner on TARGET Services and makes Denmark the first non-euro country to use T2, TIPS and T2S. The migration work began in 2020 and was delivered on schedule, with total costs shared between the National Bank of Denmark and the banking sector coming in below the original estimate; Danish monetary policy and existing monetary policy instruments are not affected. The central bank’s longer-term vision is that citizens will experience benefits such as easier and cheaper access to instant payments across currencies as more currencies join TARGET Services.
National Bank of Denmark 2025-04-23
National Bank of Denmark completes Danish krone migration to TARGET Services, first non-euro currency on T2, TIPS and T2S
The National Bank of Denmark has migrated Danish krone payments from the domestic Kronos2 system to the pan-European TARGET Services, aligning with the Eurosystem’s infrastructure for enhanced cyber threat protection. Payments are now processed via T2 and TIPS, while securities transactions continue in T2S, making Denmark the first non-euro country to use these systems. The migration, completed on schedule and under budget, does not affect Danish monetary policy, with benefits anticipated in cross-currency instant payments.