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    Payment Cycle

    ECC performs the financial settlement for all energy transactions contracted on ECC‘s partner exchanges. 

    The payment and delivery have strict timelines. On each business day ECC initiates the collections and payments from/to the members bank accounts.
     
    Financial settlement at ECC encompasses both EUR and GBP payments, providing a comprehensive solution for members. ECC has established a daily booking cut-off time at 16:00:00 CET (T+0), which determines the settlement timeline. Trades concluded before this cut-off are financially settled in the morning of the following T2/UK business days, while others follow with a one-day delay.

    To streamline operations, commodity amounts from all trades are netted into a single net payment amount per DCP member and Settlement Bank. These figures are diligently reported in daily Payment Reports accessible through the ECC Member Area.

    EUR payments are processed until 8:00 a.m. CET (T+1) on T2 operating days. GBP payments follow a fixed overnight schedule on UK business days and are processed at 9:00 a.m. CET (T+1).

    All fees incurred for DCP settlement can be found in our price list.

    Admission Procedure - Technical Account Connection

    General Information

    For seamless settlement, DCP members must maintain accounts with Settlement Banks that meet specific requirements, including a connection with ECC's Settlement Bank, ABN AMRO Bank. For EUR payments, the Connected Bank should also participate directly in T2, the EUR central bank payment system. For GBP payments the Settlement Bank must be able to handle CHAPS transactions.

    Payments between ECC and DCP members via the Connected Bank infrastructure rely on SWIFT messages. These SWIFT messages are generated from ECC's clearing system and sent through ECC's Settlement Bank, ABN AMRO Bank (BIC: ABNANL2A), to the Connected Bank of the DCP member. This secure and efficient system ensures smooth financial settlement operations.

    Steps of the Technical Connection


    Step 1: BIC Code Search

    The DCP searches for a bank independently. If the BIC code has been confirmed by ECC and therefore fulfils all ECC conditions, it can be used as a settlement bank for ECC Clearing. 

    To support the search for a BIC code, you can find some Connected Banks here.

    Step 2: Account Opening and Data Transmission 

    The DCP independently opens an account with the confirmed bank and transmits the account data to ECC for set-up in ECC's systems.

    Step 3: Setup on ECC Side

    ECC inserts the account data into the systems used by ECC.

    Step 4: Debit and Credit Test Payment

    Once the setup has been completed, the ECC first instructs a debit and then a credit test payment. If both are successfully completed, the technical setup is finalised. 

     

    Once the KYC process and the balancing group contracts have been finalised, the go-live date of Member Readiness is communicated. 

    Before the first trade, the DCP is required to subscribe to all necessary reports in the Member Area and to deposit the desired collateral amount with ECC.
     

    DCP Connected Bank Presentation

        

    TO THE DOCUMENT

    Payment Set-up for nEHS-DCP Clients

    For clients that only participate in nEHS auctions and maintain a dedicated nEHS-DCP membership with ECC, the payment set-up differs from the standard DCP model. Please find more information here.

    Connected Banks

    Connected Banks are institutions which maintain one or more Settlement Accounts for DCP members and have an agreement with ABN AMRO Bank

    The following table contains a list of financial intermediaries that currently offer the service of a Connected Bank to DCP members of ECC. Please be advised that the decision to accept a company as a client for its payment services rests with the Connected Bank alone. 

    Is your preferred bank not on the list? ABN AMRO Bank  maintains a large network of Connected Banks. Please reach out to our Direct Clearing Team (direct.clearing@ecc.de) to check whether your preferred bank’s BIC codes are connected to ABN AMRO Bank and whether your bank is a direct participant in T2 or can participate in CHAPS payments (GBP payments).

    Bank Country BIC Eur GBP Contact
    ABN AMRO BANK N.V. NL ABNANL2AXXX Yes Yes without contact
    ABN AMRO BANK N.V. UK BRANCH GB FTSBGB2LXXX No Yes without contact
    AS SEB Bank (Skandinaviska Enskilda Banken AB) SEB Group EST EEUHEE2XXXX Yes No cm.clientservices@seb.ee
    AS SEB Bank (Skandinaviska Enskilda Banken AB)  SEB Group LVA UNLALV2XXXX Yes No cm.clientservices@seb.lv
    AS SEB Bank (Skandinaviska Enskilda Banken AB)  SEB Group LTU CBVILT2XXXX Yes No cm.clientservices@seb.lt
    AS Swedbank EST HABAEE2XXXX Yes No without contact
    AS Swedbank LTU HABALT22XXX Yes No verslas@swedbank.lt
    AS Swedbank LVA HABALV22XXX Yes No without contact
    AIB Bank IE AIBKIE2DXXX Yes No without contact
    BANK POLSKA KASA OPIEKI SA - BANK PEKAO SA PL PKOPPLPWXXX Yes No without contact
    BARCLAYS BANK PLC GB BARCGB22XXX No Yes without contact
    BNP-PARIBAS SA (FORMERLY BANQUE NATIONALE DE PARIS S.A.) FR BNPAFRPPXXX Yes No without contact
    CITIBANK N.A GB CITIGB2LXXX No Yes without contact
    CM - CIC BANQUES FR CMCIFRPPXXX Yes No without contact
    Commerzbank DE COBADEFFXXX Yes Yes without contact
    DANSKE BANK A/S DK DABADKKKXXX Yes No without contact
    DEUTSCHE BANK AG-POSTBANK BRANCH (FORMERLY DEUTSCHE POSTBANK AG) DE PBNKDEFFXXX Yes No without contact
    DZ BANK AG (FORMERLY WGZ BANK AG) DE GENODEDDXXX Yes No without contact
    Hamburg Commercial Bank DE HSHNDEHHXXX Yes No garret.zabel@hcob-bank.com
    stefanie.buhtz@hcob-bank.com
    HSBC BANK PLC GB MIDLGB22XXX No Yes without contact
    HSBC UK BANK PLC GB HBUKGB4BXXX No Yes without contact
    ING BANK N.V. NL INGBNL2AXXX Yes No without contact
    ING LUXEMBOURG S.A. LU CELLLULLXXX Yes No without contact
    Jyske Bank DK JYBADKKKXXX Yes Yes cdg@jyskebank.dk
    KBC BANK NV BE KREDBEBBXXX Yes No without contact
    KBC BANK NV LONDON GB KREDGB2XXXX No Yes without contact
    LCL LE CREDIT LYONNAIS FR CRLYFRPPXXX Yes No without contact
    LLOYDS BANK PLC GB LOYDGB2LCTY No Yes without contact
    Lloyds TSB Bank Plc GB LOYDGB2LXXX No Yes without contact
    Nordea Bank ABP FI NDEAFIHHXXX Yes No ISGinternational@nordea.fi
    NORDEA BANK FINLAND PLC LONDON BRANCH GB NDEAGB2LXXX No Yes without contact
    NYKREDIT BANK A/S DK NYKBDKKKXXX Yes No without contact
    RABOBANK NEDERLAND NL RABONL2UXXX Yes No without contact
    Société Générale FR SOGEFRPPXXX Yes No without contact
    Sydbank A/S DK SYBKDK22XXX Yes Yes ETD@sydbank.dk
    UNICREDIT BANK AG DE HYVEDEMMXXX Yes No without contact

     

    Direct Clearing

    • For all questions concerning Direct Clearing processes (limit, collateral and payment)
    • Available from 7:30 am to 7:00 pm CET
    +49 341 24680-444 direct.clearing@ecc.de