Customer access mechanism (CAM)
- The customer access mechanism (CAM) and its component, the RPS SEPA-Clearer
- Submission and delivery of payments
- Processing and settlement of payments
The customer access mechanism (CAM) and its component, the RPS SEPA-Clearer
The Deutsche Bundesbank's customeraccess mechnism (CAM) is used
for the settlement of urgent national euro-denominated payments (Prior1 payments),
as a standard access procedure to the TARGET2 payment system (Prior1 payments, TARGET2 credit transfers) as well as for the settlement of euro-denominated and foreign currency payments within the framework of the Bundesbank’s correspondent banking business (foreign payment transfers).
In addition, all account holders without a bank sort code can settle their SEPA payments using the CAM-SEPA procedure.
Deposit-taking credit institutions may use the CAM procedure for the sole purpose of settling foreign payment transfers within the framework of correspondent banking. The only exception to this rule is the submission of liquidity transfer orders between their current accounts and any other own accounts held with the Bundesbank or with another TARGET2 participant
Submission and delivery of payments
Payments can be submitted to and delivered from the CAM or the CAM-SEPA procedure electronically using the following means of communication:
- EBICS (Electronic Banking Internet Communication Standard)
- Online banking via FinTS (only for account holders without a bank sort code)
Furthermore, within the framework of correspondent banking, euro-denominated and foreign currency credit transfers can be submitted and delivered via SWIFT.
Processing and settlement of payments
SEPA payments
Further information on the processing of SEPA payments can be found in the menu item SEPA/Services account holders without bank sort code.
Urgent euro-denominated credit transfers
Urgent euro-denominated credit transfers submitted to the CAM are processed as individual transactions as and when they are received (in real time). Euro-denominated credit transfers submitted via the EBICS or the online banking platform are executed on the same day, pro-vided that they are received within the acceptance times of the CAM. By contrast, euro-denominated credit transfers submitted via SWIFT are forwarded on the specified execution date, which can be up to nine payment transaction business days after the date of submission.
Euro-denominated credit transfers will only be effected if there is sufficient cover. Euro-denominated credit transfers without sufficient cover remain in a queue until such cover is provided. Payments that are still in the queue at the cut-off time for receipt of cover are auto-matically deleted.
Euro-denominated payments submitted to the CAM are forwarded via TARGET2 where pos-sible. If the payee’s payment service provider or the clearing institution cannot be reached via TARGET2, euro-denominated payments are – where possible – forwarded via correspondent banking.
Foreign currency credit transfers (foreign currency payments)
Foreign currency payments to be debited to a euro account are executed in accordance with standard market practices, ie with a two-day value date. Foreign currency orders submitted via the EBICS or the online banking platform are always executed two payment transaction business days after the day on which the payment was submitted to the CAM within the applicable acceptance times. However, for foreign currency orders submitted via SWIFT, the Bundesbank begins processing the payment orders two payment transaction business days prior to the specified execution date (based on the conversion rate valid at that point in time), with settlement and booking of the payment occurring on the specified execution date.
Hence, if foreign currency payments submitted via SWIFT are to be processed in accordance with the established practice, it is necessary to submit these at least two payment transaction business days prior to the desired execution date. If foreign currency payments are not submit-ted at least two days prior to the desired execution date, the payment is not rejected, but is further processed on the day of submission and executed two payment transaction business days after the submission date.
Foreign currency credit transfers will only be effected if there is sufficient cover. Payments without cover remain in a queue until cover is provided. Payments that are still in the queue at the cut-off time for receipt of cover are automatically deleted.
The forwarding of foreign currency credit transfers occurs via the Bundesbank’s correspon-dent banking business.
For further information on the CAM or the CAM-SEPA procedure, see the Bundesbank’s procedural rules for the settlement of euro-denominated and foreign currency payments via the customer access mechanism (CAM) – CAM procedural rules as well as the procedural rules for the settlement of SEPA credit transfers for account holders without a bank sort code and the procedural rules for the settlement of SEPA direct debits for account holders without a bank sort code.
