Instant Payment System rollout

Dear Customer,

We are pleased to inform you of the launch of the Instant Payment System on 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 I 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.

What kind of transactions are handled by the IPS? 

Transfer orders (and transfers between own accounts) must meet the following conditions in order to be transacted under the new Instant Payment System: 
-    They are launched through an electronic channel (including the CIB Bank Mobile app, CIB Bank Online, CIB Internet Banking, the CIB TPP channel, on the Business Terminal or CIB Business Online). For the full list, see the relevant Terms and Conditions. 
-    The amount is debited to a HUF payment account.
-    Up to HUF 10 million. 
-    The transaction is denominated in HUF. 
-    Non-value-dated orders. 
-    Individual, non-batched electronic HUF transfer orders by ‘non-consumer’ customers (i.e. sole traders and companies). 

What kind of transactions are NOT part of the IPS?

-    Individual HUF transfer orders given at a bank branch or through the CIB24 call centre.
-    Individual HUF transfer orders launched through an electronic channel (including the CIB Bank Mobile app, CIB Bank Online, CIB Internet Banking, CIB TPP, the Business Terminal or CIB Business Online) if their value is in excess of HUF 10 million. (For the full list of the channels affected by the IPS, see the relevant Terms and Conditions.)
-    Value-dated orders, standing transfer orders and direct debit orders. 
-    Individual, batched electronic HUF transfer orders by ‘non-consumer’ customers (i.e. sole traders and companies). 

How can I transfer funds under the IPS?

Orders can be sent as before, as an individual transfer on the electronic channels listed above. From 2 March 2020, transfers will automatically be transacted in the Instant Payment System provided they meet the above requirements. No previous settings or new contracts are required. Importantly, this is not an option you can choose. All transfers meeting the conditions will be transacted under the IPS.

What is a ‘secondary account ID’?

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.

For more information, please visit www.cib.hu/afr online, dial (+36 1) 4 242 242 for the CIB24 call centre, available round the clock, or visit any CIB bank branch.

Yours sincerely,

CIB Bank