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Payment request service now available at Raiffeisen

Raiffeisen Bank clients in Hungary are among the first to be able to send and receive payment requests, whether in-house or out-of-bank, facilitating the management of day-to-day finances, the bank tells the Budapest Business Journal.

The service, available for both retail and corporate clients, was introduced on April 1.

The bank argues that the ability to send and receive payment requests further simplifies everyday finances and reduces the use of cash. It facilitates activities such as paying utility bills, ordering packages online, and even splitting a restaurant bill. The requests can be sent quickly and securely through a mobile application or an online banking interface. Payment requests can also be sent to so-called secondary identifiers (mobile number, email address, tax number).

"In the current state of emergency, the day-to-day benefits of digital banking have come to the fore," says Ralf Cymanek, deputy CEO of Raiffeisen Bank Hungary. "New features such as the payment request service or the recent launch of QR-code payment add new popular digital capabilities to the domestic banking sector, enabling the first adopters, such as Raiffeisen Bank, to provide more secure, modern financial services to their clients."

The payment request service itself is linked to the Instant Payment System, which was successfully launched in early March. Technically, it is a type of message sent by the beneficiary to the payer for the purpose of initiating a bank transfer to the beneficiaryʼs own account. The payment request can be accepted by the paying at the touch of a button, initiating the transfer immediately.

In the case of a co-rented apartment, for example, the person who settles payments to the landlord can send payment requests to the co-tenants without the need for a lengthy consultation. Similarly, the service can be used in the service and commerce sectors: payment for a service or product can be settled in a matter of seconds through the new system.

In the upcoming period, Raiffeisen is planning to launch new services related to the Instant Payment System, the bank says.