Hungarian instant payments project progressing as planned

Hungarian instant payments project progressing as planned
04.09.2018 11:12 am

Hungarian instant payments project progressing as planned


In less than a year from now, on 1st July 2019, the instant payment system of Hungary will go live - fundamentally changing the way Hungarians make payments.   

The implementation of the instant payment system is an historic step not only for GIRO, a leading provider of services to financial institutions in Hungary, 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 payment system will operate 24/7/365 and will settle all single credit transfers up to the value of HUF 10 million within five seconds. It will also enable consumers to initiate instant credit transfers using just a mobile telephone number – so that the payer does not need to know the payee’s bank account details to transfer funds.

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 Zrt. in partnership with Nets A/S group. Nets is one of Europe’s leading digital payment service providers, with instant payments solutions already live in Denmark, Italy and Slovenia.

GIRO has recently completed a major milestone in its instant payment implementation project. Nets 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.

GIRO Zrt. is committed to delivering the instant payment system on time. The timely completion of the project’s first major milestone demonstrates this commitment, and will serve as a foundation for future successes.  

Related News

iController takes first step towards AI-driven cashflow forecasting with innovative On Demand Financing

iController is the first to integrate ‘On Demand Financing’ into its software. It is a development of KBC to pre-finance invoices in a flexible way. Innovative... Read more »

Wirecard drives the digitalisation of professional sports: Partners with FC Bayern Munich Basketball

Wirecard, the global innovation leader for digital financial technology, and FC Bayern Munich Basketball are announcing their long-standing partnership, which... Read more »

Small businesses face ‘trade credit crunch’ as backlog of unpaid invoices builds up

  • 40% of businesses are currently facing over £10,000 in unpaid invoices (1) 
  • Solvency a concern for... Read more »

Amadeus and Troovo partner to automate B2B travel payments

The integration of Troovo’s advanced Robotic Process Automation (RPA) engine with Amadeus’ B2B Wallet means the entire virtual payment flow... Read more »

Enfuce approved as an authorized payment institution

Finland's biggest fintech start-up Enfuce has been accredited as an authorised payment institution by the Finnish Financial Supervisory Authority (FIN-FSA)*.... Read more »

Dune London goes live with Klarna’s popular Pay later products

The Dune Group, one of the most influential global players in fashion footwear and accessories today announced an international partnership with leading global payments... Read more »

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