Instant payments capabilities to all bank users in Hungary – the new system is planned to go-live in 2019

GIRO and Nets A/S have signed an agreement where Nets will deliver an instant payments solution for GIRO using the RealTime24/7 instant payments solution from Nets. ”This will put GIRO with a new offering that will provide instant payments capabilities to all bank users in Hungary.”, according to the press release.
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GIRO, a leading provider of services to financial institutions in Hungary, intends to deliver more than a basic payments infrastructure to the Hungarian banking community by developing and operating new additional services and solutions as well as utilizing GIRO’s existing services and solutions to make full use of the scalable and open central infrastructure solution supplied by Nets.

„It’s a historical step not only for us, but for the whole Hungarian financial market.” says dr. Selmeczi-Kovács Zsolt, CEO of GIRO, and continues:

„During the implementation of the project an international tender was transacted. Nets has been selected after a long period of professional evaluation of the tenders. We are looking forward to work together and deliver the best solution for Hungarian consumers and banks. Our ambition is to establish the foundations for a new instant payments platform. We are sure that with Nets we are able to further develop the capabilities in the payment system, and facilitate new and innovate products.”

Nets is a major European player, providing financial institutions, merchants and clearing settlement mechanisms (CSMs) with card services, account payment services and merchant payment solutions.

„We are excited to continue to deliver on our ambitions in Europe, and with the inclusion of Hungary in the many countries using our RealTime24/7 platform we are both committed to further work together with GIRO to deliver a new Instant Payments eco-system” comments Paul Francis Walvik-Joynt, Vice President at Nets’ Clearing Services division. „We continue to leverage our current deployments of RealTime24/7 with an open API architecture permitting easy customer delivery of services in a trusted environment to benefit the users. We will bring this and much more into the partnership that we now establish with GIRO.”

Head of Clearing Services, Torben Hohlmann at Nets’ Clearing Services division adds.

„We are looking forward to deliver our solution to GIRO. Implementing a new infrastructure which will drive new ways of doing business in Hungary is very exciting. We have the experience to support GIRO to deliver this new mission critical infrastructure to the Hungarian Banks, and enabling them to deploy new payment services to the Market. This agreement is key to further strengthen Nets position as a true European payment provider.”

The new system is planned to go-live in 2019 and will be operated GIRO in Hungary.