Hungary’s instant payments system to go live in 2019
Hungary’s hunger for instant payments will be sated as the participants say that on 1 July 2019 the system will go live.
According to the confident pair of GIRO and Nets, the implementation is an “historic step not only for GIRO… but for the entire Hungarian financial system, because it will bring changes and significant advantages to all participants in the national payment ecosystem”.
The new system will operate 24/7/365 and will settle all single credit transfers up to the value of HUF 10 million ($35,300) within five seconds.
It will also enable consumers to initiate instant credit transfers using a mobile telephone number – so that the payer does not need to know the payee’s bank account details to transfer funds.
The duo says the “request to pay” service is often referred to as an alternative payment method to the so called “yellow cheque”, a common method of paying utility bills in Hungary, because the execution of the payment by the bank is always subject to the payer’s authorisation.
The central infrastructure of instant payments will be developed and implemented by GIRO in partnership with Nets. The latter reminds us that its instant payments solutions are already live in Denmark, Italy and Slovenia.
Nets says it has delivered the bespoke instant clearing software on time, which has all the necessary Hungary-specific features and meets all quality requirements.
GIRO has configured the hardware infrastructure required for the installation and operation of the clearing software. Initial testing has been completed and the results are “very promising”.