Professor Dr Levente Kovács
Secretary General, Hungarian Banking Association
The historical and banking aspects of the launch of the instant payment system In a breakdown by processing time, the enhancement of low-value payment transactions in Hungary was achieved in three leaps forward (overnight, intraday, instant), culminating in the instant payment system, or IPS, that debuted on 2 March 2020. The Hungarian banking system made huge progress by international standards, since the country was the first in the CEE region to offer the instant payment system not as an extra service provided for a surcharge but as part of the basic system of payment transactions. The processing time and the optional services surpass for example the services of SCT Inst., the pan-European payment scheme developed for the euro. The success of the launch and the reception of the new system in professional circles and by society at large confirm the appropriateness of the concept and decision related to its establishment. The need for society to move to digital solutions as a result of the coronavirus crisis provides another proof for the welltimed nature of the IPS, since it is one of the main pillars that sustain the economy in this period. First and foremost, I would like to welcome this commemorative book, and I am grateful for the opportunity to share my memories and experiences related to the project with the readers and other participants through this piece, and I hope future generations of experts will find the historical overview useful. I am convinced that the world-class infrastructure was not the only value created by the sector’s community through their cooperation, as this commemorative book itself continues to create value in terms of society’s intellectual and civilisational benefits.
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