Implementing an instant payment service in Hungary
In order to improve the efficiency of domestic payments as well as to increase the competitiveness of the payments market and the Hungarian economy, the MNB has made a proposal to implement an instant payment solution in Hungary. By implementing a new payment system, the purpose is to make payments available between Hungarian payment accounts within seconds, on a 24/7/365 basis. Another objective is to ensure that the rules of the system make it possible for market participants to provide a range of additional services, building on the basic infrastructure. The instant payment system will allow users to take full advantage of the up-to-date communication and IT technologies that have become available at low cost over recent years. The benefit of these is that, in case of adequate developments by banks and other payment service providers, instant payment service will be capable of making electronic payment available in a variety of payment situations and allow to choose between different payment methods, in addition to the use of cash, for a much wider range than currently. Relying on the new basic infrastructure established in connection with the instant payment service, creating innovative payment services will be made faster and simpler than in the present system. This in turn will improve the competitiveness of current participants of the payments market, and it will be easier for new participants to enter the payments market, where they will have the same infrastructure to provide their services, as do current participants.
On this page you can find the documents related to the introduction of the instant payment service published by the MNB.