Cellum welcomes Hungarian National Bank plans for interbank payments system deployment

Wednesday 21 December 2016 10:38 CET | News

Cellum, a mobile-based fintech solutions provider, welcomes plans by the Hungarian National Bank to introduce a national instant payments system to enable faster and more convenient transactions in the country.

With this new system, Cellum expects its operations to gain more speed and security. The new interbank system will build on the European Union’s revised Payment Services Directive (PSD2), as well as the recently approved SEPA standard for instant transfers (SCT), as the Central Bank mentions. Cellum already complies with the security requirements of PSD2, providing its transaction services from Hungary’s most secure data center, while maintaining an outstanding zero percent fraud rate through the use of multifactor authentication and a patented encryption method.

Cellum developed the country’s first mobile parking and highway toll payment solution in 2006, and has introduced its first mobile wallet, branded MasterCard Mobile, in 2011. The company’s platform is connected with over a thousand merchants, it supports various funding sources, such as bank cards, bank accounts, loyalty points and other stored value accounts, and is integrated with MasterCard’s MasterPass digital payment network.

Cellum’s technology enables funds transfers using not only phone numbers or email addresses, but also Facebook, WhatsApp and other social media handles, all with the ease and convenience of a single tap. The company expects that the new instant payments system will make innovative payment services like these available to millions of new users.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Cellum, payments technology, fintech, mobile device, Hungarian National Bank, plans, interbank, payments system
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce