Magyar Takarékszövetkezeti Bank Zrt. has become a member of EFISZ (Electronic Payment Service Providers Association)

The list of members of the Electronic Payment Service Providers Association (EFISZ), the socio-professional organization of companies that provide non-cash, electronic payment services, a non-governmental, autonomous organization for representing interests, further enlarges with a new associate, Magyar Takarékszövetkezeti Bank Zrt.

With the joining of Magyar Takarékszövetkezeti Bank Zrt. early July 2018, a leading player in the domestic financial services and in 100% Hungarian ownership, EFISZ has further strengthened its ability to provide even broader support for the improvement of the domestic non-cash, electronic payment ecosystem and the development of the new service and business models.

“Takarék Group has become a member of EFISZ with the purpose of strengthening and supporting the ongoing digitization processes in the integration of cooperative credit institutions. Structural transformation requiring widespread digitization is more than the improvement of the IT capabilities.  It also means the creation of a new business model and the establishment of new opportunities to generate revenues and values through the use of digital technologies. Apart from the new customer relations and services solutions to be introduced during the digitization, it is also highly important to achieve that products are supplied in a process-based manner. In addition to this, technology-induced opportunities will also lead to the implementation of new business and cooperation models that may reinforce the personal contact with our customers, which is elemental for the members of the Takarék Group. EFISZ is part of this cooperation model, too, as are those member organizations with the help of which we will be able to create a range of electronic services that our clients may find necessary in their everyday lives—going beyond the conventional banking solutions,” said József Vida, Chairman-CEO of Magyar Takarékszövetkezeti Bank Zrt.

“With our current members and the newly-joined Magyar Takarékszövetkezeti Bank Zrt., the majority of the domestic financial services market has become a member of the Electronic Payment Service Providers Association, which enables us to formulate our proposals on the digitizing of the residential payment services and on the strategy related to it together, based on a consensus. The joining of Magyar Takarékszövetkezeti Bank Zrt. enables us to further strengthen our education capabilities fostering the spread of non-cash payment services,” said Mihály Veres, President of the Electronic Payment Service Providers Association.