GIRO goes live with instant payments in Hungary powered by Nets

GIRO goes live with instant payments in Hungary powered by Nets
16.03.2020 12:02 pm

GIRO goes live with instant payments in Hungary powered by Nets

Payments

GIRO has now launched its new instant payments platform based on the well-established platform – RealTime24/7 – powered by technology from Nets. The high volumes processed during the first days since the launch have given the new system a flying start.

“We are happy to see our technology perform so well in a launch where speed, stability and reliability were key to meet the expected high volumes from the second it went commercially live. It is great to see the close collaboration we have had with GIRO now materialise,” comments Paul Walvik-Joynt, SVP in Payments International at Nets.

The GIRO platform can manage 5-600 transactions per second and 100% of the transaction production volume since the launch has been completed in less than one second. GIRO has spent months of diligent testing together with the Hungarian bank community, completing more than 120 million testing transactions. In consultancy and development dialogue GIRO answered more than 3,000 questions to ensure that the experience of the new solution would be genuinely beneficial to the whole Hungarian society.

“Launching real-time payments in Hungary not only marks an important step for GIRO, but for the whole Hungarian financial market. We have been working closely with Nets throughout the implementation process and been reassured of the product and partnership value we were looking for when completing the tender and vendor selection process.” said Dr Selmeczi-Kovács Zsolt, CEO of GIRO.

Zsolt continues: “We now look forward to developing the capabilities of the payments system further and facilitating new and innovative products in cooperation with Nets.”

The commercial launch of the RealTime24/7 platform in Hungary is a software delivery. RealTime24/7 is also available as a managed service. The deployments in production in Denmark, Italy, Slovenia, and Norway are run as managed services. Several of the RealTime 24/7 deployments include overlay services, where the advantages of instant payments are utilised for the benefit of all parties in the payments ecosystem.

Related News

STMicroelectronics and Fingerprint Cards Cooperate to Develop and Launch an Advanced Biometric Payment Card Solution

World-leading biometric company Fingerprint Cards AB (Fingerprints) has teamed with STMicroelectronics (NYSE: STM), a global semiconductor... Read more »

Businesses will risk recovery unless $20 billion online payments hole is plugged

The economic recovery could be reduced or delayed unless businesses plug an annual $20bn hole in online transactions, according to a new study by fintech unicorn, ... Read more »

Ingenico helps digital businesses scale at pace

Ingenico Group (Euronext: FR0000125346 - ING), the global leader in seamless payments, today unveils a ... Read more »

True Name™ Card to be made available across Europe

Today, Mastercard has announced their commitment to bring the True Name card to Europe in 2020, enabling people to reflect their preferred... Read more »

Danske Bank opens up for payment initiation with Nordic API Gateway

The open banking platform, Nordic API Gateway, announces that it has extended its partnership with Denmark's leading bank to enable customers to pay from other... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel