MNB delays instant payment system launch until March 2020

In Hungary

The instant payment system, originally due to be launched on July 1 this year, will become available to clients only from March 2, 2020, following an eight-month test period, the National Bank of Hungary (MNB) said on its website.

The MNB and clearing house Giro, which provides the central infrastructure of the system, have completed the technical tasks laying the foundations for the system by the deadline, the MNB said.

In order to ensure connection to the system and reliable operation for all payment service providers, the Financial Stability Council of the MNB has decided that a live test operation of the system will begin from July 1, and instant payment services will be made available to retail and business clients from March 2, 2020.

According to the terms of the MNBʼs decision, all involved financial service providers must ensure their readiness to provide a fully functional immediate payment service by the new date.

The instant money transfer system will make it possible to settle financial transactions any day within a maximum of five seconds, and clients will also be able to use other forms of identification (phone number, e-mail) instead of long account numbers, mnb.hu reported. 

ADVERTISEMENT

Takarékbank lowers 2021 GDP growth forecast to 6.9% Analysis

Takarékbank lowers 2021 GDP growth forecast to 6.9%

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New partner announced at act Bán & Karika Attorneys at Law Appointments

New partner announced at act Bán & Karika Attorneys at Law

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.