eSett has started a project to renew the settlement account model based on customer feedback. The new model was first discussed in the Customer Committee meeting on 23.11.2021, the material from the presentation can be found here.
The first banks to join the new model in Nordea Finland and Norway, with Nordea Denmark to follow. All current settlement banks have been contacted and have the opportunity to take the new model into use. eSett encourages the BRP’s to contact their own bank if they are interested in the new account model, so that the banks are aware that this change is something that their customers would value and find useful.
The essential difference between the original model and the new one is splitting the collateral account and invoicing accounts into two separate accounts. This allows the cash account to have a credit limit or be a part of a cash pool, and it is not pledged to eSett. Any cash collateral is kept on a separate account that is pledged to eSett. More detailed information can be found in our Handbook in chapter 8.4. Required Banking Setup.