Interbank Payments

Dresdner Bank offers an attractive and reliable interbank payment service for financial institutions. "Dresdner Bank’s market share in treasury settlement payments is quite substantial and it is the clear performance leader in treasury clearing." This comment from a customer acknowledges our expertise in the application of technology and our many years of experience in the clearing business. Our payments routing system today is based on the S.W.I.F.T. Routing guidelines – the current industry standard – which ensures that you and all our counterparties can rely on professional handling. Our direct access to the main Euro clearing systems like TARGET, RTGSplus, Euro-1 and STEP1 gives you all the advantages of our own processing.

Based on a EUR-account you are able to accomplish your commitments from treasury deals as well as funding your correspondents‘ accounts. And using the advanced data processing technology Dresdner Bank has implemented, your payments can be executed fast on a straight through basis.

Cut-off times

All our customers are requested to send their payment orders to Dresdner Bank, Frankfurt, early on the value day or the day before as this handling ensures a smooth flow of outgoing and incoming payments.

We kindly request that you contact your relationsip manager in order to receive our cut-off times.

Cut-off time EUR-STP-MT202 addressed to DRES DE FF latest 4:45 p.m. on each TARGET business day.

In line with the FBE-Guidelines on Liquidity Management bank-to-bank payment orders received after cut-off will be put on hold and passed on to the recipient clearing bank on the following day, if no special instructions are given. If in exceptional cases same-day value is required, you must give an appropriate indication in field 72 of your S.W.I.F.T. payment instruction. We will then, in turn, try to arrange with the recipient clearing bank – on a best effort basis - for good value according to our Schedule of Terms & Conditions. Interest costs and administration fees – if charged by the receiving clearing bank – are for the account of the ordering party.

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 the smooth, timely, and efficient handling of your transactions on a Straight Through Processing (STP) basis.

For Interbank payment instructions we recommend application of the S.W.I.F.T. option A, stating the valid S.W.I.F.T. BIC codes in all relevant fields.

On request, we would be happy to provide you with further 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. It goes without saying that, due to the international nature of our business, 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.

Cancellations / Amendments

To ensure timely observation of cancellation requests, we must receive them prior to 07:00 a.m. CET on value date. The cancellation message should preferably be sent by structured S.W.I.F.T. MT292 or by S.W.I.F.T. MT 299 with "high priority" and contain all relevant details so that we can trace your payment instructions. Should you wish to send your request by tested telex, you can do so to our telex no. 415240 dr d by 4:15 p.m. CET on the day before the value date at the latest.

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.