Changing lanes in Hungary: From batch to instant payments
From July 2019, customers of Hungarian banks will be able to make instant credit transfers of up to HUF 10 million and the beneficiaries would be able to use these funds within 5 seconds from the transfer. The use of ‘secondary payment identifiers’ and ‘request for payment’ will also add to the ease and adoption of instant payments by consumers.
Given the advantages of instant payments in terms of processing speed and certainty of settlement, banks throughout Hungary have started mobilising resources to be a part of this revolution at launch. However, with less than two years remaining for implementing the instant payments scheme, Hungarian banks must make some crucial decisions around the selection of instant payments processing solutions to best fit their organisation’s requirements.
This paper (written in Hungarian) is based on Icon Solutions’ experience of working with instant payments solutions globally and details the common challenges faced and possible solutions for addressing them in the Hungarian market.