Index – Economy – As of September 1, we can receive our salary in seconds

Since the beginning of March, the instant payment system is available in all banks. Since then, domestic transfers of less than 10 million HUF have reached their destination in 24 seconds, 24 hours a day, 7 days a week, including weekends and holidays. The extent to which there is a demand for this is well illustrated by data that quantifies transaction history for the past six months. According to this, 30 percent of the 30 million transfers in the three months after the start of the system were made at night or on weekends, that is, at a time when finances could not have been done before. by the closing of the bank, or at least the next business day.

The vlog of the Executive Director of Financial Infrastructures and Banking of the MNB reveals that 92 percent of the transfers were completed in less than the required time, in just 2 seconds. Lajos Bartha also said that since March, 55,000 customers have registered their mobile numbers or email addresses with their bank as a secondary identifier. Another great novelty of the instant payment system is that money can be transferred based on an email, telephone number, tax identification number or tax number, that is, it is not necessary to memorize the recipient’s 3×8-digit bank account number . True, this only works if the other party has also registered their email address or other identification in their bank account.

Don’t fall asleep with the reference!

The new element, which is now possible, super fast salary payment is just an option, it is not mandatory for banks: the central bank drew the attention of mfor.hu to the MNB. The bank’s responses to the portal’s circular question revealed that only three financial institutions will guarantee the transmission of corporate lots within 5 seconds from September. Most promised this only later, next year at the earliest.

Until now, these transactions have remained in the so-called intraday settlement, that is, they have not reached the destination accounts immediately. Now, however, it is now possible for banks to settle regular and value-dated transfers through the instant payment system. Theoretically, pension payments due from the bank account due on September 11 could be included in the immediate transfers, but as the Hungarian State Treasury told the professional portal Azénpénzem.hu: this will not be the case for now. Pensions and family allowances will be transferred unchanged in September and the following months by the state treasury to the bank of the account holder through the overnight settlement system.

Goodbye, yellow check?

Experts also have high hopes in the fight against cash for payment claims. According to the Népszava compilation, this should be thought of as if we were asking someone for money, and that person can decide whether to give it to us, that is, if our request is legitimate, all this electronically, of course. Such a request for payment can be sent not only by individuals through the bank, but also by public services. For example, an electricity supplier may send a notification, that is, a request for payment, to the customer, which, if determined to be correct, may cause the customer to have already paid the bill. Therefore, a payment request would be more convenient and faster than a yellow check.