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Instant Payment System

Starting from 2 March 2020, electronically launched domestic HUF transfer orders of a value up to HUF 10 million will be completed within 5 seconds, in 24 hours, every day of the week.

What should you know about the Instant Payment System?

The Instant Payment System (IPS) is a new interbank clearing system to be launched on 2 March 2020, enabling non-value-dated electronic transfer orders of a value up to HUF 10 million to be completed within 5 seconds, in 24 hours, every day of the year. Moreover, the service will also enable the transfer of funds by using a ‘secondary’ account ID, such as a mobile phone number or an email address.

 

Secondary account ID registration

From 2nd of March 2020 under the Instant Payment System, a so-called ‘secondary account ID’, i.e. a mobile phone number, email address, tax identification number or VAT number may be used in order to identify the account owner’s payment account in addition to the currently used unique (GIRO) account number. Importantly, the secondary account ID must be registered before is first use. Registration can be made at any of our bank branches but from 20th of March 2020 in case of corporate clients bank account holders who are authorised to sign on behalf of the company individually and  in case of retail clients bank account holders having individual disposal right can register their own mobile number as Secondary ID for their bank accounts by clicking here, provided that they have an agreement for the CIB Internet Bank, CIB Bank Mobile application or CIB Bank Online service. The registration page is currently available in Hungarian; English version will be available soon. 

Out of hours rates

A conversion transfer order sent from a HUF account for a HUF amount is also subject to the conditions of instant transfer orders, which means that, up to HUF 10 million, the order is transacted within a few seconds, provided that the transaction meets all other conditions. It should, however, be noted that, at times other than as announced in the banking timetable, a new exchange rate will be applied to HUF conversion orders debiting a HUF account. Similarly, such new exchange rate is applicable to instant transfers debiting a foreign-currency account, where the order is received outside the times announced in the banking timetable.

Before transacting an order, please check the exchange rates on our bank’s website. 

Out of hours rates >>

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