A NemKonto is a normal bank account that a citizen or a company already has and assigns as NemKonto. All payments from public institutions in Denmark, such as tax or VAT refunds, pensions or social welfare payments, are transferred directly to the citizen’s or company’s NemKonto through the NemKonto system. All citizens and companies registered in Demark are required to have a NemKonto to receive public payments. Enterprises, such as insurance companies or private employers, are also able to make payments to a NemKonto.