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NBH mandates GIRO with establishing instant money transfer system

NBH mandates GIRO with establishing instant money transfer system

Budapest, March 27 (MTI) – The National Bank of Hungary (NBH) said on Monday that it will mandate clearing house GIRO, wholly owned by the NBH, with establishing the central infrastructure base of an instant money transfer system in Hungary by the second half of 2019.

The instant money transfer system will make it possible to settle financial transactions any day within maximum five seconds. A financial account database will make it possible to place orders giving only mobile phone numbers, e-mail addresses or tax numbers instead of account numbers.

NBH said GIRO will provide more advanced services without a noticeable increase in fees either for financial service providers or their clients.

The NBH’s Financial Stability Council already approved the operating model for instant payment services in December. NBH will reveal details about the base infrastructure of the system at the end of March.

Photo: MTI

Source: MTI

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