MNB Moves Towards Instant Payments

  • 28 Mar 2017 12:00 PM
MNB Moves Towards Instant Payments
The MNB has appointed its clearing house subsidiary GIRO to develop the central infrastructure for instant payment systems by the middle of 2019, the central bank announced.

The MNB said the faster service will not come with increased fees.

From the second half of 2019, households and businesses will be able to send and receive instant transfers at any time of day or night, every day of the week.

Clients will be able to make payments using e-mail addresses, mobile-phone numbers or tax numbers, instead of account numbers.

The MNB said both retail and corporate customers will be the beneficiaries of the development as it will result in increased competition.

Source: Hungary Around the Clock

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