Digitization will enter a new era in the domestic financial sector

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The Financial Stability Board (PST) of the Honest Bank has approved the operational model of the immediate payment service, which can start one of the most significant medium-term developments of the Hungarian financial infrastructure.

Instant payment system

Instant payment system

The realization of the instant payment system means a change of dimension in the execution of domestic payments, which enables the use of the most modern IT and communication solutions in cash payments. Under the new system, payment orders of up to HUF 10 million can be initiated 24 hours a day, 24 hours a day, even by entering the beneficiary’s mobile number, which will arrive to the recipient in a few seconds.

Promoting payment innovation


There is currently very limited use of advanced technologies, such as mobile payment solutions, for domestic payment services. The aim of the MNB is to utilize modern IT solutions in domestic payment transactions by creating an instant payment service, thereby promoting payment innovation and stimulating competition among payment market participants.

Based on the system, interoperable payment solutions can be created, which can widely support the creation of electronic payment options in all payment situations where today cash is still the most common. Ultimately, this will mean cheaper and more customer-friendly services for consumers, improve the financing position of businesses, increase the competitiveness of the financial intermediary sector, reduce the social cost of executing payments, and thus contribute to economic growth and competitiveness.

With the help of the instant payment system, transfers initiated by consumers below HUF 10 million can be executed within seconds of the start of the system, as opposed to the current processing time of a few hours or a few days on weekends. The service will be available every day, meaning that transactions will be completed immediately at night, on weekends and on holidays. Funds should arrive to recipients within a maximum of five seconds, then be immediately remitted or remitted by credit card or cash, regardless of whether it is 10am on a Saturday.

Offering customers a much wider range of convenient, fast, and cheap electronic payment


In order to make the service widely available, it will be possible to initiate transactions in addition to account numbers in the future, for example, if the recipient of the sum to be sent only knows the telephone number, e-mail address or tax number, account numbers. The new environment also allows for the creation of additional services, such as mobile payment solutions, based on the instant payment system. This will allow new types of service providers to enter the payment market and compete with traditional players, offering customers a much wider range of convenient, fast, and cheap electronic payment services.

Considering that currently neither the central infrastructure nor the payment service providers’ systems are able to process payment transactions in accordance with the above set of rules, a national financial infrastructure modernization project will be launched in 2017 under the coordination of the MNB. In this context, all relevant actors should implement all necessary developments to ensure that instant payment services are made available to domestic consumers and businesses by the second half of 2019 at the latest. Details on the operation and development of the infrastructure will be published by the central bank in early 2017.

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