MAGYAR NEMZETI BANK
2.2 Operation of the payment and settlement systems 2.2.1 Changes in the turnover of payment and securities settlement systems In 2014, the turnover of payment and securities settlement systems increased slightly in value relative to the previous year. The GDP-proportionate annual turnover amounted to 52.19 times the amount of annual GDP (Table 5). VIBER turnover increased by 2.7 per cent in 2014, but the number of transactions did not change noticeably compared to the previous year. The increase in turnover value can be primarily attributed to increases in the forint transactions associated with the Hungarian State Treasury’s foreign exchange credit transfers to foreign accounts, the settlement orders submitted by GIRO and KELER, and new deposits placed with the MNB. The value of customer and bank-to-bank transactions did not change notably, which indicates the lack of turbulence in financial markets in the review period. Meanwhile, the number of transactions decreased by 1.2 per cent, mainly as a result of the decline in the number of securities transactions after the MNB bill was phased out. In 2014, the number of transactions in ICS overnight and intraday clearing increased by 3 per cent, while
the value of turnover rose by 10.5 per cent compared to the previous year. The increase in turnover can be partly attributed to the increase in the number of transactions initiated by corporations, and partly resulted from the one-off effect of a single participant: the Hungarian State Treasury executed some of the credit transfers due in January 2015 at the end of 2014. Based on transaction number, by 2014 the share of intraday clearing exceeded the share of overnight clearing. In intraday clearing, the bulk of the turnover value is still concentrated in the last two cycles, but the number of transactions peaks during the first cycle (Chart 8). This is because retail payments received by banks after the closure of transaction receipt on the previous day are typically executed in the first cycle, at the beginning of the day, while large-value corporate transactions are more often executed during the last two cycles. At the same time, consistent with the previous trend, the rejection rate of direct debit transactions – the payment method typically used for the payment of utility bills and other regular service charges – declined by an additional 13 per cent in 2014. The number of items recorded in the central securities depository rose sharply compared to 2013. These items are increasingly composed of Free of Payment (FoP)6 transactions. Although the number
Table 5 Turnover and main figures of the payment and securities settlement systems (2013–2014)
Overseen systems
Volume (thousands) 2013
VIBER
22
2013
2014
Turnover/GDP 2013
2014
Participants in 2014 direct indirect participant participant
1417
1392
1287
1322,6
44,07
41,47
47
129
overnight clearing
158 288
159 405
15,9
16, 8
0,54
0,53
40
158
intraday clearing
155 326
163 662
59,2
66,35
2,03
2,08
40
158
KELER CSD
698,7
747,2
272,4
253,4
7,95
208
n.a
KELER CCP
9164
8861
5,6
5
0,16
70
n.a
ICS
6
2014
Value (HUF thousand billion)
9,1
I mportantly, despite the fact that there is no cash movement at the moment of settlement, the original securities transaction does involve a cash movement.
Payment Systems report • June 2015
