Deferred net settlement (DNS)

Roles that need it

• Payments Operations Analyst
• Treasury Operations Analyst
• Liquidity Risk Analyst

Skills it belongs to

• Payment systems and messaging (SWIFT, ISO 20022, SEPA, ACH, UPI)
• Treasury and cash flow management

Related concepts

• Real-time gross settlement (RTGS)Real-time gross settlement (RTGS) is the settlement of payments one by one, as soon as they are processed and without netting, usually in central bank money. It removes settlement risk between participants and needs more liquidity than net settlement. T2 in the euro area, CHAPS in the UK and SIC in Switzerland are RTGS systems.
• Automated clearing house (ACH)An automated clearing house (ACH) is a system that exchanges and clears payment orders between banks electronically, mostly retail payments such as credit transfers and direct debits, and settles net positions at set times, usually in central bank money. In Europe, pan-European and national clearing houses process SEPA payments.
• Settlement finalitySettlement finality is the point at which a transfer of securities or cash becomes irrevocable and unconditional, even if a participant later becomes insolvent. In the EU the Settlement Finality Directive protects transfer orders entered into designated payment and securities settlement systems.

Sources

• CPMI glossary, Bank for International Settlements (external site) accessed 31 Oct 2026
• Principles for financial market infrastructures, CPMI and IOSCO (2012), Bank for International Settlements (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.