TNS / Urgent Payments
TNS / Urgent Payments is a Dutch abbreviation which translates into Dutch Domestic Urgent Payments, New Concept.
The Telegiro circuit is mostly used for high value payments and payments requiring same day credit value dating. These payments are usually mortgage payments and payments to the domestic tax authorities.
The previous Telegiro system (Dutch domestic payments system) has been replaced by the new concept of paying these domestic payments through the SWIFT system via Target2. By using Target2 as a clearing institution the payments have already been settled upon receipt. Therefore no settlement risk is involved, allowing the beneficiary bank to directly advise its customer of the receipt of the payment.
As a side product Veracity has also implemented the Account Information Service requestor. This allows a bank to request IBAN and BIC data online, based on the Interpay account number. This service can also be used by converter programs to automatically enrich the SWIFT messages to the Target2 system with the correct IBAN and BIC code.