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

Róbert Kiszely and Jozsef Czimer
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Róbert Kiszely: Capsys Informatics Ltd, Hungary
Jozsef Czimer: Capsys Informatics Ltd, London Office, UK

Journal of Digital Banking, 2020, vol. 5, issue 2, 137-145

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.

Keywords: immediate/instant payment; implementation; testing; lesson learnt; Hungary (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2020:v:5:i:2:p:137-145

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