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Erste Bank Hungary selects valantic for request-to-pay functions

Wednesday 11 March 2020 10:51 CET | News

Erste Bank Hungary, the subsidiary company of the Erste Bank Group Vienna, has selected valantic to develop real-time payments and request-to-pay functions.

The fintech company valantic develops software for payment, investment banking, and transaction management and supports all relevant SWIFT and ISO 20022 standards in the pain, pacs and camt format, including required variants. With the customised solution based on valantic’s Real Time Payment Engine (RTPE), Erste Bank Hungary can provide a modular structured payment hub solution, according to the official press release.

The development is based on regulations of the Central Bank of Hungary (MNB) which aim to promote the electronic processing of transactions.

Currently, standard payment formats like SEPA (payment, direct debit, card payment), SWIFT, CGI (Common Global Implementation) or local currency standards, such as Hungarian forints (HUF), are supported by the integration of valantic’s RTPE in the existing bank environment. These formats are extended by instant payments for SEPA (SCTInst) as well as other country-specific currencies.

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Keywords: Erste Bank Hungary, valantic, real time payments, fintech, investment banking, SWIFT, ISO 20022, Central Bank of Hungary, SEPA
Categories: Banking & Fintech | Payments General
Countries: Hungary
This article is part of category

Banking & Fintech