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MNB mandates GIRO for instant money transfers

In Hungary

The National Bank of Hungary (MNB) said on Monday that it will mandate clearing house GIRO Zrt., wholly owned by the MNB, with establishing the central infrastructure base of an instant money transfer system in Hungary by the second half of 2019, Hungarian news agency MTI reported.

The instant money transfer system will make it possible to settle financial transactions any day within a maximum five seconds. A financial account database will make it possible to place orders giving only mobile phone numbers, e-mail addresses or tax numbers, instead of account numbers.

The MNB said GIRO will provide more advanced services without a noticeable increase in fees either for financial service providers or their clients. 

At present interbank transfers are executed either through the interbank settlement system of GIRO, which makes intraday settlements in ten cycles during the day, or the MNBʼs real-time settlement system VIBER.

The MNBʼs Financial Stability Board already approved the operating model for instant payment services in December. The central bank will reveal details about the base infrastructure of the system at the end of March.

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