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Payment System Forum

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On 11 June 2003, on the MNB’s initiation and by support of the Hungarian Banking Association, the banks playing dominant role in payments – OTP, MKB, CIB, CITI, ING, MTB, Raiffeisen, BB, K&H, HVB – and the Hungarian State Treasury established the Payment System Forum (PSF).

Article 2 of the Organizational and Operational Regulation of the PSF adopted on 19 September 2003 defines the objective of the organization as follows:

„The PSF is an independent, self-organizing consultative professional organization, committed to the domestic payment system. The objective of the PSF is to promote and support the continuous and efficient development of the domestic payment systems corresponding to the market demands and its integration into the European payment system. The PSF elaborates recommendations and proposals for the members, users of the banking payment system and for the regulating authorities. The PSF is legally not independent and does not perform any business activity.

Similarly to the structure of the EPC (European Payment Council), its structure is split into 3 levels. Its supreme management and decision-making board is the Payment System Council (PSC). The PSC is headed by two co-chairmen. For these positions the Deputy Governor of the MNB and the Chairman of the Hungarian Banking Association was elected by the foundation meeting. The co-chairmen convene the PSC twice a year – in March and in November.

On the basis of the professional presentations prepared by the Coordination Group and the Secretariat for and presented to it, the PSC decides on which topic is required and also appropriate for elaboration as a project. Similarly, the PSC decides on approval of the recommendations submitted to it.

The medium level is constituted by 6 specialist committees. Specifically:

  • Committee for Development of Cashless Payments,
  • Committee for Standardisation,
  • Specialist Committee for GIRO,
  • Committee for Cards,
  • Committee for Cash,
  • Committee for VIBER/RTGS and KELER.

The committees are responsible for managing the task forces, forwarding the recommendations under preparation to the Coordination Group and, if appropriate, professional decision making in questions not decided in the specific task force.

In addition to collecting the topics and preparing them for the PSC, The Coordination Group comprised of one representative each of the Banking Association and the interest representations of the saving cooperatives (National Federation of Savings Co-operatives and National Interest-representation Association of Saving Cooperatives) is responsible for keeping contact with the specialized committees and coordination of their activities as well as, prior to submission of the recommendation to the PFC, requesting comments from the wide professional public.

The Task Forces are at the third level of the organization. Their staff consists of not only the members of the banking and payment system but also the experts of the users (e.g. large collectors) and institutions (e.g. Tax Authority). For the purpose of efficiency, their number is low. The elaboration of topics accepted by the PSC and as a result of the work, drafting of the recommendations is made here.