FRANKFURT (Reuters) – Denmark’s central bank has applied to join from 2025 the European Central Bank’s Target2 system, a real-time payment settlement platform used to clear cross-border interbank transactions, the ECB said on Tuesday.

Denmark, which is not a euro zone member, also expressed interest in joining the Target Instant Payment Settlement (TIPS), an extension of Target2, which facilitates instant payments between firms and individuals, the ECB added.

“The inclusion of the Danish krone in the Eurosystem’s payment platforms will enable market participants in Denmark to use T2 and TIPS services and to settle payments in both euro and Danish krone,” the ECB added.