Erste Bank Hungary provides request-to-pay using valantic's payments platform

Wednesday 2 September 2020 10:13 CET | News

Erste Bank Hungary, a subsidiary of the Austrian Erste Group since 1997, has started offering its own system for processing request-to-pay (R2P) via partnership with valantic.

The possibilities in payment have been extended by this new standard to send an active payment request from recipient to payer. With the customised solution based on valantic’s Real Time Payment Engine (RTPE), Erste Bank Hungary now provides a modularly structured payment hub solution.

In addition to the instant payment functionality, the system provides the option to send payment requests which must be initiated within five seconds. The regulations of the National Bank of Hungary even surpass the guideline catalogue for the SEPA R2P model which, however, will not be agreed before November 2020.

At first, only bank-internal payment requests have been possible but since July 2020, the R2P service is in use in two other large banks in Hungary. Within the first months, more than 500 internal payment requests have been performed. For this purpose, valantic’s Payment Hub not only supports IBAN identification: identification via mobile phone number is possible and even an e-mail address can be used as ID.

valantic’s Payment Hub supports all relevant SWIFT and ISO 20022 standards in the pain, pacs, and camt format and is multi-client as well as multi-channel capable. Thus, payment instructions can be processed across different channels, such as e-banking or corporate banking.

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Keywords: valantic, Real Time Payment Engine, RTPE, Request to Pay, banking, settlement, SWIFT, reconciliation, payment request, iD, Erste Bank Hungary, payments hub, Hungary
Categories: Banking & Fintech
Countries: Hungary
This article is part of category

Banking & Fintech