Read explanations of terms and concepts for the NemKonto system.
When a private sector payer looks up the payment recipient's account information in the NemKonto system.
An account lookup bundle is a bundle of account lookups. Each bundle can contain a maximum of 10.000 account lookups.
A NemKonto is the account that public sector payers use when they transfer money to citizens and businesses (e.g., student grants, tax refunds, or child benefits). It is an ordinary bank account that the citizen or company already has. The citizen or business chooses which of its accounts they want to use as their NemKonto.
An operator of financial digital infrastructure is the “technical link” between private sector account brokers and the NemKonto system.
Only companies that have been designated by the Danish Financial Supervisory Authority (Finanstilsynet) as operators of financial digital infrastructure may be connected to the NemKonto system in this role.
A private sector account broker is a company that is technically connected to the NemKonto system, either directly or through an operator of financial digital infrastructure. A private sector account broker carries out account lookups in the NemKonto system to retrieve the account details of payees’ NemKonto accounts for use in payments. The broker may perform these lookups on its own behalf or on behalf of other private sector payers.
A private sector payer is an individual, a company, or another legal entity that makes account lookups in the NemKonto system to obtain account information for the purpose of making payments.
A private sector payer must have a residence or registered domicile in Denmark, another EU/EEA country, or the Faroe Islands.
