The customer access mechanism (CAM) and its component, the RPS SEPA-Clearer

The CAM serves as the standard mechanism for account holders without a bank sort code, payment institutions with a bank sort code and credit institutions domiciled outside the EU/EEA to access the TARGET2 payment system. Deposit-taking credit institutions domiciled in the EU/EEA can, on a transitional basis, continue to participate in TARGET2-Bundesbank via the CAM until the end of 2010.

In addition, all account holders without a bank sort code can settle their SEPA payments using the CAM-SEPA procedure.

Furthermore, the CAM is used for the Bundesbank's correspondent banking in order to settle incoming and outgoing euro and foreign currency payments.

The following payments may be submitted to or delivered from the CAM for processing – no minimum amount applies.

• SEPA payments
• Urgent euro credit transfers:
• Owing to the connection of the CAM to TARGET2, payments can be made to/received from all TARGET2 participants. In order to successfully address the beneficiary’s payment service provider, the payer merely needs to know this party’s BIC (Bank Identifier Code). There is no need to be aware of any further information concerning the type of connection (ie direct or indirect participant) or any routes that may have been established by the beneficiary’s payment service provider.  Payments submitted in the CAM for Bundesbank account holders who are at the same time TARGET2 participants are, as a general principle, delivered via TARGET2.
• Foreign currency credit transfers

Submission and delivery of payments

Payments can be submitted to and delivered from the CAM or the CAM-SEPA procedure electronically by 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)

Moreover, payment service providers with a bank sort code, as well as deposit-taking credit institutions domiciled outside the EU/EEA are also able to submit or deliver urgent euro and foreign currency credit transfers via SWIFT. For reasons of efficiency, the Bundesbank actively promotes the paperless settlement of payments. For example, urgent euro credit transfers or SEPA direct debits of account holders without a bank sort code are accepted on an electronic basis only.

Processing and settlement of payments

SEPA payments

More information on this topic can be found at the relevant link under SEPA – services for account holders without bank sort code.

Urgent euro-denominated credit transfers

The processing of euro credit transfers occurs on the basis of individual record transactions and in real time. Provided a euro credit transfer is submitted during normal operating hours, it will be processed on the same day. For transfers that are submitted via SWIFT, it is possible to specify an execution date, which can be up to nine payment transaction business days after the date of submission.

Euro credit transfers will only be effected if there is sufficient cover; any without cover remain in a queue until cover becomes available. Payments that are still in the queue at the cut-off time for receipt of cover (dependent on the payment type) are automatically deleted.

Foreign currency credit transfers (foreign currency payments)

Foreign currency payments to the debit of an account managed in the same currency are executed in the same way as urgent credit transfers in euro.

The execution of foreign currency payments which are to be debited to a euro account occurs in accordance with the established practice. This means that actual processing commences as early as two payment transaction business days prior to the execution date (based on the conversion rate valid at that point in time), with settlement and booking of the payment occurring on that execution date.

Hence, if foreign currency payments are to be processed in accordance with the established practice, it is necessary to submit these at least two payment transaction business days in advance of the desired execution date.
The Bundesbank processes its cross-border foreign currency payments via accounts maintained with foreign correspondent banks in the respective national currency (nostro accounts). Foreign payments in euro are processed via euro accounts which the Bundesbank holds for foreign correspondent banks (loro accounts). It is also possible for the account holders to access TARGET2 via these euro loro accounts.

For further information on the CAM, refer to the Specifications for the electronic payment operations of the Deutsche Bundesbank, the Procedural rules for SEPA credits for account holders without bank sort code (German only) and the Procedural rules for SEPA direct debits account holders without bank sort code (German only).