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2024.10.16.

Hungary at the Forefront of the Development of the Instant Payment World - The EFISZ association organized an international workshop in London

On 16 October 2024, the Electronic Payment Service Providers Association (EFISZ) and the Embassy of Hungary in London held a joint international event at the Embassy of Hungary in London with the title “Hungary at the Forefront of the Development of the Instant Payment World”. An EFISZ workshop was already held in Brussels on a similar topic in the spring 2024, with much success.

Hungary launched the instant payment central infrastructure operated by GIRO Ltd. on March 2, 2020. It was the result of a joint project of all banks and payment service provider's (PSP’s), as Hungary was one of the countries in Europe where the regulator, National Bank of Hungary, mandated all banks and PSP’s to join the system. This decision made it possible to pursue the second phase of Hungary’s instant payment service development and turn the central infrastructure into a payment system under the name of “qvik” to be launched on September 1, 2024.

At the closed professional event, guest presentations were given by the National Bank of Hungary (topic: Building the instant payment ecosystem in Hungary - 2018-2024), GIRO Ltd. (topic: Instant Payment 2.0 - Next generation of payment solutions in Hungary), Capsys Informatics Ltd. (topic: How to make an instant payment system effective?) and the Hungarian Electronic Payment Service Providers Association (topic: EFISZ ecosystem - The role of the banking community in developing the Hungarian payment system).

The best practices presented at the event by the Hungarian delegation, could contribute to the development of the UK's new payment system, the National Payments Architecture (NPA).

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