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VIBER (Real-time Gross Settlement System)

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The VIBER, i.e. the domestic payment system operated by the MNB, has been working since 3 September 1999.

Organizational structure of the VIBER

The VIBER is designed for settlement of high value and urgent payments which will be final and irrevocable after their automatic real time settlement. After the settlement the affected participants will receive a notification without delay. As a  messaging network it uses the SWIFT system.

Transaction types that can be settled in VIBER:

  • bank-to-bank items,
  • customer payments,
  • cash side of the DVP- transactions,
  • central bank transactions:

VIBER participants:

  • credit institutions
  • KELER (securities clearing house, participant)
  • MNB (regulator, operator, participant)
  • the Hungarian State Treasury,
  • the Hungarian Post,

Payments are fulfilled in case of sufficient funds funds are available. In addition to positive account balance intraday credit covered by the eligible securities provided by the MNB in order to finance the liqudity need of the settlement. Upon need, during the day the asset portfolio pledged to obtain intraday credit can be modified. The efficient liquidity management is assisted by the central queue management system, the use of priorities and the gridlock resolution algorithm as well as the VIBER monitor facility.

The VIBER operates from 7 am to 6 pm every day, the cut-off time for customer transactions is one hour shorter.

The participants pay a transaction fee for the use of VIBER in accordance with the business terms and conditions; for use of the monitor the MNB does not charge any additional special fee.