Instant payments system for Hungary’s will be live by 2019

Giro Nets

Hungary’s waiting for instant payments will be fulfilled as the participants has confirmed that system will go live on 1 July 2019.

  • The new system will operate all the time and will clear all single credit transfers up to the value of 10 million within five seconds.
  • Consumers will be provided with instant credit transfers option using a mobile telephone number,so that the payer does not need to know account details to transfer funds.
  • The central infrastructure of instant payments will be developed and implemented by GIRO in partnership with Nets.
  • GIRO has configured the hardware infrastructure required for the installation and operation of the clearing software. Initial testing has also been completed effectively.