Cut-off time for instructions:
Instructions for payments that are to be executed the same day must be received no later than the specified cut-off time. If the instructions are received later than that, the payment will not be processed until the next banking day, and the value dates will be correspondingly later.
Exceptions: Express payments and intra-group transfers will be processed even if the instructions are received after the cut-off time but the value dating will be based on the next banking day.
Value date: (Also called the settlement date)
The value date is the date on which funds are debited from or credited to an account for interest calculation purposes.
Value date debit:
The date when the payment is debited from the payer's account
Value date credit:
The date when the funds are made available to the payee's bank / DNB’s correspondent
Payment with exchange:
The payment is sent in a currency other than the one in which your account is denominated.
Payment without exchange:
The payment is sent in the currency in which your account is denominated.
Transfer time to the payee's bank:
DNB is responsible for delivering the funds to the payee's bank within the time frame that applies for the product. It is the duty of the receiving bank to credit the payee's account. The date when the funds are made available to the payee depends on the rules and procedures in the receiving bank and the terms agreed by the said bank and the payee.
Start-up time:
The transfer time to the payee's bank is calculated as of the date specified by the payer in the payment instructions. The start-up time will be postponed if the instructions are received after the cut-off time, or there are insufficient funds on the payer's account to cover the payment. For manually assisted payments, the start-up time is as specified in instructions provided that the instructions are delivered to the bank by the cut-off time. The start-up time may be postponed if the instructions are incomplete.
