GIRO, Nets confirm project to deliver instant payments in Hungary

Tuesday 4 September 2018 00:59 CET | News

GIRO and Nets have confirmed the project that aims to implement instant payments in Hungary on 1 July 2019.

According to the press release, the new payment system will operate 24/7/365 and will settle all single credit transfers up to the value of HUF 10 million within five seconds. It will also enable consumers to initiate instant credit transfers using a mobile telephone number. The payer does not need to know the payee’s bank account details to transfer funds.

Nets has delivered the instant clearing software on time, which has all the necessary Hungary-specific features and meets all quality requirements. GIRO has configured the hardware infrastructure required for the installation and operation of the clearing software. Initial testing has been completed and the results are very promising, as the press release mentions.

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Keywords: GIRO, Nets, instant payments, Hungary, clearing software, bank
Countries: World

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