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MNB delays instant payment system launch until March 2020

The instant payment system, originally due to be launched on July 1 this year, will become available to clients only from March 2, 2020, following an eight-month test period, the National Bank of Hungary (MNB) said on its website.

The MNB and clearing house Giro, which provides the central infrastructure of the system, have completed the technical tasks laying the foundations for the system by the deadline, the MNB said.

In order to ensure connection to the system and reliable operation for all payment service providers, the Financial Stability Council of the MNB has decided that a live test operation of the system will begin from July 1, and instant payment services will be made available to retail and business clients from March 2, 2020.

According to the terms of the MNBʼs decision, all involved financial service providers must ensure their readiness to provide a fully functional immediate payment service by the new date.

The instant money transfer system will make it possible to settle financial transactions any day within a maximum of five seconds, and clients will also be able to use other forms of identification (phone number, e-mail) instead of long account numbers, reported.