Open banking, instant payment to help fintech become mainstream

In Hungary

The introduction of open banking and instant payment systems in Hungary will open the door to digital financial services and innovative payment solutions, writes piacesprofit.hu.

With the introduction of the European Union’s second payment directive, PSD2, on September 14, the open banking era began in Hungary.

Banks may grant external service providers access to account transaction data with the customer’s permission. This change will bring significant advances in the digital financial services market with the emergence of new providers.

“For example, account integration, financial planning, cost optimization solutions are already popular,” says Attila Krocsek, director of business development for the fintech app BlockBen.

The Hungarian company’s BlockBenPay innovative payment solution was included in the 2019 FinTechShow’s 10 Most Exciting Digital Financial News lineup.

Another important step in the process in Hungary is the immediate payment system, which will be launched in March 2020, which will enable the emergence of new instant payment solutions in addition to real-time bank transfers.

One such an innovative solution is QR code payment. The MNB’s recommendation on the QR code standard will be published at the end of July 2020, says piacesprofit.hu.

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

19,000 young jobseekers hired in expanded subsidy program Government

19,000 young jobseekers hired in expanded subsidy program

Healthcare Roadshow Highlights Innovation, Screening Awarene... Interview

Healthcare Roadshow Highlights Innovation, Screening Awarene...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.