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Automated Financial Assistant Spreading net at Magyar Bankholding

Banking

Photo by Elnur / Shutterstock.com

An automated financial assistant developed to make bookkeeping simpler for small businesses is being made available in all member banks (though not yet all branches) of the Hungarian superbank in the making, Magyar Bankholding.

The digital platform is known as Bupa and is provided by Budapest Asset Financing Ltd. The service takes the administrative and invoicing burden off the shoulders of SME leaders. According to one of the leaders of Magyar Bankholding, almost 20,000 businesses have already joined Bupa, and tens of thousands of invoices have been issued through it.

Bupa is already available across the entire branch network of Budapest Bank. It was added in six MKB Bank branches last fall, two in Budapest (at MOM Park and on Váci út) and the others in the provincial cities of Debrecen, Győr, Pécs and Szeged.

Last month it was also added in seven branches of Takarékbank, at two sites in the captial (at Infopark and Czuczor utca) and one each in Debrecen, Pécs, Salgótarján, Szeged and Szolnok.

“Our short-term goal is to make Bupa interconnectable with the internet banks of all three Hungarian Bankholding member banks; in time, we will connect it with the other major domestic banks,” explains Beatrix Mészáros, deputy CEO for Subsidiaries of Magyar Bankholding.

“The popularity of the product is demonstrated by the fact that since its launch, more than 19,000 businesses have already joined Bupa, and more than 130,000 invoices have been issued through the digital platform, worth nearly HUF 57 billion. By establishing a banking relationship with domestic financial institutions, hundreds of thousands of small businesses will benefit from the full service of the financial assistant,” Mészáros adds.

Magyar Bankholding service is one of the first financial assistants on the market that, when linked to a Budapest Bank account, allows customers to settle their accounts in addition to opening and receiving invoices, all within one interface.

Account Balances

Tracking income and expenses, up-to-date current account balances, and the ability to keep an eye on the cash flow of the business and financial planning are also greatly assisted.

Another advantage of the product is that it complies with National Tax and Customs Administration (NAV) reporting obligations: the program automatically sends the issued invoice to the tax authority. The service is also available to accountants to have up-to-date information on company finances.

Magyar Bankholding represents a triple bank fusion, with the merger of Budapest Bank and MKB Bank to take place next month, on March 31. Takarék Group will join by the end of the second quarter of 2023.

The merged bank aims to serve all customer segments with an emphasis on providing a 21st-century range of products and services to retail, micro, small- and medium-sized enterprise and agricultural customers. It says it aims to be the most modern bank in Hungary, introducing flexible, internationally leading digital solutions, it claims.

On Feb. 21, Magyar Bankholding announced it had chosen the London-based Thought Machine as its partner to launch its new digital banking world. It says it will be the first traditional domestic bank to use this cloud-based technology.

As a result of the agreement between bankholding member MKB and Thought Machine, the integrated bank will create and operate the new digital banking platform and retail digital banking products with the help of Vault, the core banking system of Thought Machine. The clients of Thought Machine include international banks such as JPMorgan Chase, Standard Chartered, and Lloyds Banking Group.

This article was first published in the Budapest Business Journal print issue of February 25, 2022.

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