Hungarian Banks Prepare For Intra-Day Payment
- 28 Jun 2012 9:00 AM
Banks and the MNB are carrying out test runs of intra-day settlements of electronic payment orders at high volume, before a new system enters into effect on July 1, the Banking Association announced yesterday. Electronic payment orders between banks will be executed within four hours, rather than the current two or three days, from Monday.
Péter Legeza, head of Giro Zrt., said up to 60% of the annual 290 million transactions could be executed using the new system.
Banks may opt to use the intra-day settlement for non-electronic payment orders as well, but it is unlikely that they will go for that in the beginning, Legeza said.
Orders will be executed under the new system until 16:30 on working days.
The MNB will monitor changes in bank charges next month, but a small increase is expected due to the launch of the new system, Napi Gazdaság adds.
The faster execution of payment orders is expected to cost banks Ft 3 billion in lost interest revenue annually, the newspaper adds.
Source: Hungary Around the Clock
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