Instant Payment

Page 51

Kristóf Takács

Project leader, Magyar Nemzeti Bank

Exceptional opportunity for modernising payments After the introduction of intraday credit transfers in 2012, it became clear that despite the major progress and enhancement in service quality achieved with the rollout, this solution could not support the general use of electronic payments. Although the few hours of processing time considerably broadened the applicability of credit transfers on working days, this was not enough in several payment situations. It was evident that even with intraday credit transfers and the increasing popularity of card payments, further improvements were necessary, because the available infrastructures and the increasing number of new and innovative market participants would not be able to provide a viable alternative to cash use in every payment situation. In the end, the MNB started to assess the options for introducing the instant payment service in the summer of 2015. To engage in meaningful consultation with market participants, the options had to be carefully explored. During ten months of internal preparatory work, we examined in detail the planned or already operational systems abroad, the business and technical features of the available payment services and those planned by market participants for the years ahead as well as the implementation options of the potential operating models from a business, regulatory and technical perspective. The expected implications for banks’ liquidity management were also analysed, just like the possible legal framework of the implementation and the necessary legal amendments. The operation of the instant payment system was modelled on payment data from earlier years to produce appropriate estimates on banks’ liquidity needs in the new service and the system’s capacity needs. It was important to make it clear to all stakeholders at the beginning of our joint work why this development was necessary and what the options and

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Articles inside

The introduction of the instant payment system from the perspective of Gránit Bank

1hr
pages 132-176

The introduction of the instant payment system from the perspective of CIB Bank Zrt

6min
pages 124-127

Teamwork can help in realising even the most ambitious plans

7min
pages 120-123

Erste Bank’s four-year project: 25,000 person-hours on 53 systems

7min
pages 128-131

The introduction and utilisation of the instant payment system at the Hungarian National Tax and Customs Administration

8min
pages 112-117

The Hungarian State Treasury joins the instant payment system

7min
pages 106-111

Creating cooperation along value chains

6min
pages 100-103

Instant payments: The future today

8min
pages 94-99

The historical and banking aspects of the launch of the instant payment system

12min
pages 77-83

New dimensions in the Hungarian financial system: The Chamber’s experience with the instant payment system

4min
pages 84-86

A 360-degree view on IPS

13min
pages 87-93

Rollout of the instant payment service: How the displacement of cash began

9min
pages 72-76

A journey of cooperation and collaboration to the future

7min
pages 66-69

The introduction of the central infrastructure in GIRO

4min
pages 63-65

A new era in payments

9min
pages 58-62

Exceptional opportunity for modernising payments

8min
pages 51-55

Challenges during the rollout of the instant payment system in a nutshell

9min
pages 33-37

If it does not move around, money is worth nothing

3min
pages 30-32

One hundred fifty-seven million eight hundred and fifty-two thousand eight hundred

10min
pages 38-43

The same project from three different perspectives

8min
pages 16-19

We dared to dream big

13min
pages 44-50

Hungarian payments on a new footing: Regulatory recollection of the instant pay- ment project

12min
pages 24-29

Faster, safer, sleeker: A giant leap in the age of the digitalisation of money

7min
pages 20-23

Foreword

4min
pages 10-13
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