Dr László András Borbély
Vice President, Hungarian State Treasury
The Hungarian State Treasury joins the instant payment system BACKGROUND The Hungarian State Treasury concurred with the Magyar Nemzeti Bank’s opinion in 2016 that it was time to introduce a new payment service that reorganises the low-value credit transfer and request-to-pay transactions and also challenges cash use and the newly emerging other electronic payment solutions. The Treasury expressed its support to the MNB in enabling electronic solutions for state payments by providing a convenient and fast money transfers to individuals and companies engaging in payment transactions with the state. When the project started, the Treasury had already been advocating the formation of a consultation body that would help in efficient information sharing related to the development of the proposed concept and coordinate the development and testing of the central system and the banks’ own systems. The Treasury indicated to the MNB that it wished to participate in the nationwide project. Following the approval by the Financial Stability Council of the MNB in 2017, one of the most important medium-term developments in the Hungarian payment infrastructure got under way with the nationwide project for the implementation of the instant payment system.
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