Gábor Bakati
Project leader of the nationwide project
A 360-degree view on IPS I thought a great deal about the best way to present the formally three years (seeming like four to me) that I spent with the instant payment system and examining the options of instant payments before that.
FROM OUTSIDE OBSERVER TO ACTIVE PARTICIPANT I had the opportunity to be part of the country’s largest and most successful transformation and infrastructure project in the industry, first as an outside observer, with some envy, then from the inside, working hard in close cooperation with my colleagues, shaping the project. What could better illustrate the enormity and incredible significance of the task than the fact that the infrastructure, with strategic and critical importance to the national economy, had to be established to the highest standards and integrated into the financial system, while it was running in parallel with an older system that was otherwise functioning perfectly. During my earlier work, I had become familiar the concept of ‘Value at Risk’, which we used in the world of treasuries, portfolio and investment management, but it can also apply to this project. In this case, the Value at Risk was the safety of Hungary’s payments, the confidence in the banking system and the reliable operation of the Magyar Nemzeti Bank and the commercial bank infrastructure. In contrast to the field where it is traditionally used, this Value at Risk cannot be expressed in monetary terms, and as regards the responsibility, it has been an unparalleled challenge and task.
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