Instant payment starts in Hungarian banking system

Wednesday 4 March 2020 13:32 CET | News

The Central Bank of Hungary (MNB) has launched its instant payment system, making bank transfers available around the clock in a matter of seconds.

Immediate payment is "cash without cash" by itself, as it is a convenient and competitive alternative to cash payment, according to MNB. Before the introduction of Instant Payments, Hungarians had to wait for at least two hours to receive a bank transfer, which were limited to weekdays during banking hours.

Instant Payments is automatically provided by each commercial bank in Hungary for no extra charge, and allows sending and receiving payment orders 24 hours a day, 7 days a week, including weekends and public holidays, MNB added. (1 U.S. dollar = 302.8 HUF)

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Keywords: Hungary, instant payments, The Central Bank of Hungary, Faster Payments, online payments, banking, bank transactions, Europe
Categories: Payments & Commerce
Countries: Hungary
This article is part of category

Payments & Commerce