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Dos and don’ts of immediate payment implementation: The Hungarian story

Author

Listed:
  • Kiszely, Róbert

    (Capsys Informatics Ltd, Hungary)

  • Czimer, Jozsef

    (Capsys Informatics Ltd, London Office, UK)

Abstract

The launch of the Faster Payments System in 2008 in the United Kingdom was the start of the modern era of immediate payments services. More than 50 countries have joined the UK since, and instant payment services have become to be the norm in the payment industry. The number of countries is growing from month to month, and the emphasis is already being placed not merely on the implementation of new systems but, even more, on reaching interconnectivity among systems and offering instant payments across the borders too. Hungary has always been an innovative country, and tourists had the option of paying with bank cards, for example, as early as in 1961. It is not surprising, therefore, that the National Bank of Hungary made a bold decision to implement immediate payment services in the country. In just over three years a unique system was launched that offered immediate payments services in Hungarian Forints. This paper offers comments on the project based on a review of the implementation period.

Suggested Citation

  • Kiszely, Róbert & Czimer, Jozsef, 2020. "Dos and don’ts of immediate payment implementation: The Hungarian story," Journal of Digital Banking, Henry Stewart Publications, vol. 5(2), pages 137-145, September.
    • Handle: RePEc:aza:jdb000:y:2020:v:5:i:2:p:137-145
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    More about this item

    Keywords

    immediate/instant payment; implementation; testing; lesson learnt; Hungary;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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