MNB to decide on rules for instant bank transfers in December

Analysis

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The Financial Stability Board of the National Bank of Hungary (MNB) is expected to decide in December on the rules governing instant money transfers, pro-government daily Magyar Idők said today, citing the MNB’s response to a query, according to Hungarian news agency MTI.

A decision on the specifics of the payment system capable of providing such services could be made at the beginning of next year, the MNB said. 

At present interbank transfers in Hungary are executed either through the interbank settlement system of the interbank clearing house GIRO, wholly owned by the MNB, which makes intraday settlements in ten cycles during the day, or via VIBER, the MNBʼs real-time gross settlement system.

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