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Hungary – Instant payment system to be introduced this March!
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This March, the so-called instant payment system will be introduced in Hungary, which means that every HUF-based, domestic transaction including less than HUF 10 million, will be completed within 5 seconds. Thanks to the renewal, transactions can be completed easily, as they can be realised by entering an e-mail address or phone number; furthermore, payment requests can also be sent thanks to the new system.
Despite its numerous benefits, the new payment system also comprises several security risks as well – reported by Erste Bank at a press conference on Monday.
As Réka Schreiber – head of Erste’s Central Operations explained – thanks to the immediate payment system, HUF-based domestic transactions in Hungary can be realised within 5 seconds, which is a positive development compared to the previously necessary 4 hours; additionally, the system will operate during weekends and public holidays as well.
The new system will be automatically used by every bank, in case of transactions not exceeding HUF 10 million. In the case of higher amounts, the general – currently used – payment system will be applied.
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As the Hungarian news portal Portfolio reports, the system brings further technical innovations as well. Accordingly, not only the beneficiary but the payer will also receive notification about the transaction. Additionally, every bank has to provide a secondary ID code to their customers, which can be a telephone number, e-mail address, tax identification, or tax number in case of a company.
The system enables customers to complete transactions by providing an e-mail address that will be matched with the account number.
The secondary identifier should be registered through NetBank; a phone number is not automatically registered as a secondary ID. Once a year, customers will receive a call that a secondary ID has been registered and will be asked whether they wish to use it in the future. One identifier can only be assigned to one account number.