Dr Pál Simák
Chairman & CEO, CIB Bank Zrt.
The introduction of the instant payment system from the perspective of CIB Bank Zrt. The first thing that comes to my mind in connection with the introduction of the instant payment system is that this was a large-scale and successful project in the history of the Hungarian banking sector, which is particularly special to me for three reasons: • This was the first time when it was demonstrated that outstanding results that can be achieved through collaboration among the members of the sector, the MNB and GIRO. The regular consultations and information exchange helped a great deal in enabling the players in the sector to successfully complete this gargantuan task. This cooperation model was used to successfully join forces against the challenges posed by the coronavirus, and it has been proven several times since then that this type of collaboration is very good practice even when it comes to day-to-day operations. • From a professional perspective the task was a truly exciting challenge. There are several developments in the banking sector that seek to enhance customers’ everyday banking experience and the quality of the services; yet my colleagues were particularly keen to participate in this project among many others because instant payments are the basis for numerous future bank services, they play an instrumental role in fending off the challenges posed by fintech firms. • What made participation in this project particularly valuable for CIB is that one of the pillars of CIB’s strategy is digitalisation. The introduction of the instant payment system gave an additional impetus to that.
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