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New measures streamlining banking procedures approved

Fintech

Photo by Alexandros Michailidis / Shutterstock.com

The Economic Defense Operative Corps, the body coordinating Hungaryʼs response to economic fallout from the coronavirus crisis, approved a package of measures that will make managing financial matters easier, cheaper and faster at a meeting on Tuesday, Finance Minister Mihály Varga said, according to a report by state news wire MTI.

Mihály Varga (Photo by Alexandros Michailidis / Shutterstock.com)

The measures were based on recommendations from the Hungarian Banking Association and the Finance Ministry, Varga said.

The body decided that businesses with tills connected to the tax office must accept electronic payment. The measure will expand the availability of electronic payment to 50,000-60,000 more places and reduce cash transactions on a scale of tens of billions of forints.

Digital banking procedures will be expanded, for both retail and corporate clients, cutting the number of face-to-face meetings by an annual 2 million.

The measures will clear the way for electronic submission of documents on property purchases and mortgages to the Land Registry, affecting some 130,000 procedures a year.

A broad range of property appraisals could be made free of charge, as banks use a database for one-third of appraisals, saving clients HUF 30,000-50,000 apiece.

Notary procedures involving property will be accelerated and streamlined, producing savings in the tens of thousands of forints for 60,000-70,000 clients.

Digital document management will be introduced in the interest of heightening security for the 6.5 million Hungarians with bank accounts.

Varga said the measures would soon be codified, as have 44 measures earlier approved by the Economic Operative Corps.

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