Statement by the Financial Stability Board of the Hungarian National Bank on the payment system

Banking and finance PSD2 14 June 2017

The Financial Stability Board of the Hungarian National Bank discussed and approved the  Payment Systems Report 2017. The report shows that significant progress was made in the area of electronic bill payments and the electronic payment of retail purchases in 2016. The number of frauds and the value of losses caused by them increased in 2016, but their ratio compared to the total payment card turnover remained low. The report emphasises the potential effects of two upcoming changes: 
  • According to the plans of the Hungarian National Bank, as of 2019 H2, a new system operating 24 hours a day, every day of the year will ensure the crediting of payment orders below HUF 10 million within five seconds to the beneficiary.
  • The changes in regulation implemented under the new Payment Services Directive (PSD2) support fintech companies in entering the market.

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