Instant Payment

Page 72

András Becsei

President of the Hungarian Banking Association between July 2019 and May 2020, during the implementation phase of the project

Rollout of the instant payment service: How the displacement of cash began If we look back on 2020 a few years from now, this period will surely be remembered for the extraordinary ordeals caused by the pandemic, but also for the major milestone in financial digitalisation. The state of emergency transformed the world as we knew it in a flash, past truths have been questioned, and previously unchallenged taboos have been shattered. The changes affected education, daily work, our relations with family and friends and last but not least our banking habits. Hungarian banks’ IT developments implemented in the past years played a central role in enabling our customers to conduct their finances with the usual efficiency during the pandemic. Perhaps the largest project that affected the entire population, fundamentally transforming the Hungarian payment infrastructure was the introduction of the instant payment service in March this year.

BANKS ON THE ROAD TO CONSTANT RENEWAL Banks are traditionally committed to modernisation. However, when it comes to innovation, many of us think of the developments of the fintech firms of the 2010s or the financial innovations of social networks (e.g. the financial services of WeChat owned by Tencent have been available in a simplified form since 2014). However, the foundations of the technologies used today had been laid down by banks over decades, starting in the 1950s. The first versions of the modern credit card used for paying at merchants appeared in 1958. Wider distribution and use was facilitated by the POS terminal emerging in 1979 which eliminated the need to call the bank to approve card acceptance. Internet banking services

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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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