Innovations in the payments system - both electronic way and cash - in Hungary
PrintInnovations in the payments system - both electronic way and cash - in Hungary
Kristóf Takács, Head of department
Purpose of the seminar
In addition to electronic payment methods, cash is still prominent in the everyday transactions and savings of the population. The seminar aims to identify innovative and effective approaches to the activities, supervision and regulation of central banks related to electronic payment methods and cash, in which central banks should take a decisive role in planning and shaping a workable and efficient future.
Regarding electronic payments the seminar provides an overview of the Hungarian payment and securities settlement systems, the key players, the legal and regulatory framework, the recent developments, the supervision and oversight experiences. The participants will gain knowledge on the structure and operation of the Hungarian financial infrastructure; on the role of oversight bodies, the regulatory framework, compliance, the risk management and monitoring practices, the challenges and opportunities for oversight and supervision, moreover, on the impact of EU regulations (e.g. EMIR, CSDR, PSD2, PAD). The seminar will cover the MNB’s retail payment development policy and regulatory steps, including instant payments and card payments and the concept of the payments strategy 2030. We give overview about the status of our CBDC journey.
Participants are encouraged to share their practices and challenges in this regard during the 4-day course.
Contents/ Main topics to be discussed
- Brief introduction of the Hungarian payment and securities settlement system
- Introduction of Payments Strategy 2030 and the related indicator set of the MNB
- Practical experiences on the effects of CSDR and EMIR regulations on the Hungarian capital market
- Central bank retail payments developments: focus on instant payments
- Mitigation of fraud risks in the retail payments market
- On-site IT examinations and their typical findings
- CBDC design aspects and theoretical considerations, MNB’s experiences
- General overview of cash supply chain – the Hungarian example
- How to operate an automatized cash center? - Lessons learned during 2 decades
- Efficiency and control in banknote processing
- Access to cash – regulation issues regarding cash infrastructure
- Cash demand research and forecast methods
- Counterfeit management practices
- Public education of banknotes
- Cash usage researches
Target group
Experts and senior experts in payments field