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Fast payment from July in Hungary

The most significant development of banking system over the past 15 years is ongoing, general fast payment for online bank trasnfer to introduce on 1 Jul - said the Hungarian National Bank. Beneficiary will receive money in four hours without anyextra charge in Hungary when transfer has made online. The system is currently under testing period at full capacity and ready to start on time.

11 April 2012

General fast payment service for all bank's customer in Hungary

General fast payment service for all bank's customer in Hungary


Bank transfer within 4 hours

Bank transfer within 4 hours

The most significant development in Hungarian banking system has been started since July 2010 with the aim of the domestic payment services to serve electronically submitted money trasnfer requests within a day. From 1 July 2012, transfer time is minimised from 1 business to 4 hours when money deposited on benfeciary account . In the past two years, banking system (GIRO Zrt, banks and Central Bank) was continuously improving the online infrastructure to ensure that fast payment is error-free and high quality service for customers in Hungary.

Hotel industry under pressure

Businesses will be able to pay the tax on final date, arrange bills with their suppliers, use incoming money from their partners on the same day when received.

Preparations of GIRO Zrt and commercial banks are ongoing. Currently, launching procedure is not only being properly controlled, but performance tests (when the system is tested at maximum capacity )as well as the new business model are done in action. The results show that transition will be a smooth from day-transfer to four-hour trasnfer system, said the Central Bank.

This up-to-date system will provide significant benefits for residents and businesses alike. Companies can make transsfers on the due date and received payments could also be used on the same day. In addition, customers can set more bank and transfer details concerning money transfer, which is especially beneficial for companies.