KDPW processes the settlement of securities in the kdpw_stream system: 

• in multi-batch mode and 

and

• in real-time mode (RTGS).

Settlement is processed as DvP (Delivery versus Payment: KDPW ensures simultaneous settlement of securities against cash) or FoP (Free of Payment: KDPW only transfers securities between members’ accounts).

According to applicable international standards, cash settlements are processed in the money of the central bank (PLN). Settlements in multi-batch mode are based on multi-lateral netting of balances while RTGS uses a gross settlement method (one transaction after another).

The National Depository processes settlements according to instructions presented by KDPW members, the clearing house KDPW_CCP or documents with the terms of transactions presented by the operator of a regulated marker or the organiser of an alternative trading system.
Instructions are accepted for settlement as XML messages or MT messages under ISO15022.
Messages available from the National Depository are in user-friendly format (XML or MT). Following the presentation of settlement instructions, a member receives status messages (upon each change of status) and a final statement after settlement. The kdpw_stream system also processes instruction status queries, balance queries, booking list queries.

In addition, the kdpw_stream system offers: 

• default values of selected fields provided by the system; 
• settlement of transactions under a toleration limit; 
• pre-matching of instructions enabling parties to match the terms of transactions on a preliminary basis prior to settlement;
• processing of standing orders; 
• processing of enriching instructions used to modify previously presented settlement instructions; 
• processing of complex transactions: members may set conditions for the settlement of two or more transactions; 
• settlement of instructions dedicated to a specific batch.

In order to optimise settlements, the National Depository enables automatic lending in case of a shortage of securities in a registration account of the relevant clearing member necessary to settle a transaction.