Hungarian banks to launch instant payments

The instant payments system will become available at Hungarian banks from Monday, with domestic bank transfers booked in 5 seconds instead of the current maximum of four hours.

Transactions will take place not only on banking days but 24 hours a day, every day of the year.

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When initiating money transfers, consumers will also be able to provide the beneficiary’s mobile number, e-mail address or tax number instead of a lengthy bank account number.

All individual forint transfers below 10 million forints will be instant if executed between private individuals or private individuals and companies.

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Source: MTI