MNB: instant payment goes to a new level

By: Trademagazin Date: 2024. 04. 03. 10:39

From April 1, all domestic consumers and businesses can complete their payment transactions by accepting a payment request and initiating an immediate payment in response, the Magyar Nemzeti Bank (MNB) told MTI on Wednesday.

According to the information, the payment request service can be used in many situations, for example for bill payments, online or physical store purchases, or even for sending money between private individuals, thus providing another opportunity to use electronic payments, including immediate payment. Transfers initiated with a payment request are always free for customers, while for invoice issuers and merchants they can represent a cheaper and more convenient electronic payment alternative than current solutions.

As of April 1, all domestic banks must ensure that their customers initiate immediate payments initiated in response to a payment request – the central bank drew attention.