New whitepaper: Preparing Hungary for instant payments

14 November 2017

Hungarian banks are preparing themselves to meet the stated aim of the Central Bank Magyar Nemzeti Bank (MNB) to have domestic instant payments live in Hungary in July 2019.

To assist Hungarian banks with this journey, Icon Solutions, a provider of technology solutions, and T-Systems, a local systems integrator and implementer, recently published a new whitepaper:  Changing Lanes in Hungary: From Batch to Instant Payments. This whitepaper highlights the specific challenges facing Hungarian banks when preparing for the move to instant payments and the different technology approaches available for the transition.

To be ready for instant payments, Hungarian banks will need to:

  • Ensure technical connectivity and effective onboarding to the scheme
  • Be prepared for the impact of moving away from batch processing systems towards real-time processing
  • Understand the different technology approaches available to deliver instant payments quickly and cost-effectively

This whitepaper (written in Hungarian) examines these issues in detail and compares and contrasts three different technology approaches available: a single payments hub, multiple payments hubs and a framework approach. Together Icon Solutions and T-Systems assess the pros and cons of each approach and the benefits they offer banks in Hungary.

Download the whitepaper here.

The clock is now ticking for the country’s migration towards its new instant payment infrastructure and Hungarian banks must soon start their technical and procedural journey towards this new future. This whitepaper is an excellent resource for InstaPay Community members looking for information on the best way to achieve instant payments within the timeframe available.

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