Contents 1 Executive summary
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2 Domestic payment service developments
10
2.1 Development of electronic payments
10
2.2 Cost of electronic payment
17
2.3 Reliability of electronic payments
20
3 Domestic payment and securities infrastructures
26
3.1 VIBER
27
3.2 CLS
29
3.3 Interbank Clearing System (ICS)
30
3.4 Liquidity in payment systems
32
3.5 KELER
37
3.6 KELER CCP
39
4 Special topics
45
4.1 Introduction of the instant payment system
45
4.2 Impact of the new Payment Services Directive (PSD2) on Hungary
49
4.3 Transformation of the payment services market
52
4.4 Impact of the coronavirus on domestic payments and on the operation of financial infrastructures
55
PAYMENT SYSTEMS REPORT • JULY 2020
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