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.
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 |
HSH NORDBANK AG | DE | HSHNDEHHXXX | Yes | No | 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 |