Hungarian Banks Launch Instant Payments
- 2 Mar 2020 10:31 AM
- Hungary Matters
The instant payments system will become available at Hungarian banks from Monday, with domestic bank transfers booked in 5 seconds instead of the current maximum of four hours.
Transactions will take place not only on banking days but 24 hours a day, every day of the year.
When initiating money transfers, consumers will also be able to provide the beneficiary’s mobile number, e-mail address or tax number instead of a lengthy bank account number.
All individual forint transfers below 10 million forints will be instant if executed between private individuals or private individuals and companies.
Pension payments will continue to be settled at night, while wage payments — generally group transfers — will remain daytime settlements.
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