Hungary’s Giro Zrt plans national instant-payments system

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Giro Zrt, a Hungarian financial services industry organization that operates a domestic automated clearing house payments network, is teaming with the payments service provider Nets A/S to create a national instant payments service.

The service will enable settlement within five seconds for bank account customers across Hungary, with users able to initiate payments using just a mobile phone number, Giro and Nets said in a Tuesday press release.

The process will be similar to a “Request to Pay” service many Hungarians currently use to pay utility bills, and it will enable rapid settlement of single credit transfers when it launches in the fall of 2019, Nets said in the release.

Copenhagen-based Nets, which recently merged with Germany-based Concardis, has played a key role in developing similar instant-payment services in Denmark, Italy and Slovenia, the company noted in the release.

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