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Open banking, instant payment to help fintech become mainstream

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.