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New services based on the instant payment system will be a priority at our Financial and Corporate IT 2020 conference on September 3. The last offline spots are still for rent, after that we only sell tickets online! Register here!
The new service options will be available in the instant payment system from the beginning of September. In this context, payment service providersTransfers processed in bulk (for example, corporate batch transfers, regular and value date transfers) and corporate batch payment requests can also be sent to the instant payment system.
According to a preliminary survey by Magyar Nemzeti Bank (MNB), the IT systems of all payment service providers have sufficient excess capacity to process excess traffic. Furthermore, the potential for congestion risks is minimized by the fact that, by law, these transactions can be sent to the Central System at a limited transaction rate of one per addressed institution per second.
Thanks to the new possibilities, the cash flow of companies can become more efficient by allowing transfers that normally start in batches to be completed in a few minutes. One step further is that these transfers can also be made continuously every day of the year, even on weekends or at night, the amount sent will reach the recipient. In this way, companies no longer have to adapt to the previous normal banking working hours in terms of their cash flow. Entrepreneurs can also register sub account IDs (phone numbers, email addresses, tax IDs, or tax numbers) for invoices, which can be used to initiate transfers without knowing the account number. This can be a suitable solution for the busiest dealers or even non-stationary service providers (eg installation services, home delivery). In the case of entrepreneurs, the registration of secondary identifiers must also be initiated in the bank holding the account, which can be easily done in the Internet interface of most banks or in the mobile banking service without personal administration . It is safe to use secondary IDs. It simplifies the initiation of transfers sent to the customer registering the ID, but knowing this does not allow an unauthorized transaction to be initiated from the account.
Large billing institutions have the ability to send bulk payment requests to their customers. With your approval, your customers can pay their invoices through instant payment without providing additional information.
Introduction of new services It is not necessary, Payment service providers’ business decision making depends on making them available to their customers. According to a survey by the MNB, new services based on previous facilities appeared in early September at various service providers and will be available at several other institutions in mid-2021.
New services based on the instant payment system will be a priority at our Financial and Corporate IT 2020 conference on September 3. The last offline spots are still for rent, after that we only sell tickets online! Register here!
Cover image source: Getty Images.
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