Commercial Payments

Dresdner Bank offers a very efficient multi-currency payment service from a single account – to private and corporate customers as well as to financial institutions. By linking into our global network of branches, subsidiaries and correspondents, you will be able to execute all your payments efficiently.

We are well known for best service in executing all correspondent banks' commercial payments in favour of our clients as well as in favour of all other beneficiaries inside and outside Germany. Individual tailor-made payment agreements and straight through processing arrangements are our speciality.

Our service enables you to focus on your key relationships and core business activities in selected regions, without the cost of running a large correspondent network.

Cut-off times

To ensure a smooth handling of your payment orders we request that you send us your commercial payment orders as early as possible on value day or preferably the day before.

Cut-off time EURO-STP HP MT103 addressed to DRES DE FF is 3:30 p.m.

On request, your relationship manager will be pleased to confirm additional cut-off times for your commercial payment orders.

Formatting / STP

As a recognised international bank with a global payment operation Dresdner Bank supports the existing market standards established by S.W.I.F.T. and ISO. By complying with these standards when formatting your payment instructions, you enable us to ensure a smooth, timely and efficient handling of your transactions on a Straight Through Processing (STP) basis.

In order to handle your commercial payment instructions STP, we recommend application of the S.W.I.F.T. option A, stating the valid S.W.I.F.T. BIC code. The German national clearing system code (Bankleitzahl //BL8n) may be used on bilateral agreements only. In addition, Dresdner Bank supports the use of the IBAN (International Bank Account Number), which is part of our general STP requirement.

On request, we would be happy to provide you with our full recommendations concerning payment STP-formatting requirements.

Customer Support

Our Customer Support Department is manned with highly experienced and skilled personnel who are dedicated to giving a high-quality response to customer inquiries. Selfevident, our Customer Service Officers are multi-lingual and will respond to your inquiries within 24 hours. A state-of-the-art IT structure facilitates quick and efficient processing of investigations.

After having successfully implemented the Euro, we are currently focusing on further enhancing the services provided by Customer Support. With the growing importance of STP (Straight Through Processing), these developments include providing payment formatting recommendations as well as general advice conerning the payment business.

Cancellations / Amendments

contrast to interbank payments, a request for the cancellation of a commercial payment order, irrespective of its value date, can be granted only if:

• the payment order has not yet been executed or advised by the receiving bank (which may be the case prior to the value date) or
• the beneficiary consents to such cancellation should the payment order have already been executed or advised. (See also the "country information Germany" in the SWIFT BIC Directory)

To enable us to trace the respective payments as soon as possible, we would appreciate it if you could send us your cancellation request(s) for commercial payments via MT 192.

Euro Clearing Systems

With the launch of the Euro, new cross border Euro clearing systems were created. The TARGET (Trans-European Automated Real-Time Gross Settlement Express Transfer)system is an Euro payment system comprising 15 national real-time gross settlement (RTGS) systems and the European Central Bank payment mechanism. These are interconnected by common procedures, known as the interlinking system giving the 30,000 institutions through the European Union (EU) connected to the system a uniform platform for the processing of payments. The system is used mainly for high-value payments.

The Euro Banking Association’s (EBA) Euro-1 clearing system commenced operations in January 1999. The EBA Clearing Company, comprising more than 70 banks covering all EU member states, operates the system, which ist designed as a netting system and focuses on the settlement of cross-border Euro payments. EBA also launched STEP1 clearing system in November 2000 as a cross-border retail payment system, focused on short payment execution time, using industry standards to enhance straight-through processing (STP) in the banks and to develop European business practices in relation to cross-border retail payments. Over 150 banks throughout Europe are members.

In November 2001 RTGSplus started as the new German clearing system, replacing former Euro Access Frankfurt (EAF) as well as Euro Link Settlement (ELS). With more than 50 participants, RTGSplus operates as an European orientated real time gross settlement and payment system with liquidity saving elements and control options.

CHAPS Euro is the UK Euro RTGS system, linked through TARGET to all the other EU RTGS systems.

The European Payments Group

In 1998 a group of about 30 banks – referred to as the former Heathrow Group, which works with more than 50 participating banks within the organisation of the European Banking Federation (EBF/FBE) – started to meet regularly to address common interbank problems created by the introduction of the Euro. The European Payments Group (EPG) agreed on new payment procedures and established INTERBANK COMPENSATION GUIDELINES. In addition, the European Payments Group played a key role in defining the S.W.I.F.T. ROUTING GUIDELINES for EUR payments dated March 1999. Later in 1999, the former Heathrow Group drafted the FBE GUIDELINES ON LIQUIDITY MANAGEMENT. The EPG is still working on a further harmonisation of cross-border payments in the EU to benefit banks and their customers.