TransferWise Joins Instant Payment System In Hungary

  • 17 Sep 2020 8:42 AM
  • Hungary Around the Clock
TransferWise Joins Instant Payment System In Hungary
International money transfer provider TransferWise received direct access to the Hungarian banking sector’s instant payment system on September 1, the fintech company announced on Wednesday.

Hungary is the first country in the EU to allow a company with a payment service license – a company other than a bank – to join the banking sector’s instant payment system, European expansion director Balázs Barna told Portfolio.

As TransferWise had previously joined the UK instant payment system, its Hungarian clients may send money between accounts in the two countries in seconds.

TransferWise also allows clients to open accounts in forints, Barna highlighted.

The MNB was the first central bank in the EU to grant direct access to its payment system, enabling millions of users to access a truly competitive service, said TransferWise founder and CEO Kristo Kaarmann.

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