GIRO goes live with instant payments in Hungary powered by Nets

Nets has provided the technology – RealTime24/7 – behind the new instant payment platform now launched in Hungary. The commercial launch on 2^nd March included all Hungarian banks, delivering a massive volume of over one million successful transactions in the first three days.

GIRO has now launched its new instant payments platform based on the well-established platform – RealTime24/7 – powered by technology from Nets. The high volumes processed during the first days since the launch have given the new system a flying start.

“We are happy to see our technology perform so well in a launch where speed, stability and reliability were key to meet the expected high volumes from the second it went commercially live. It is great to see the close collaboration we have had with GIRO now materialise,” comments Paul Walvik-Joynt, SVP in Payments International at Nets.

The GIRO platform can manage 5-600 transactions per second and 100% of the transaction production volume since the launch has been completed in less than one second. GIRO has spent months of diligent testing together with the Hungarian bank community, completing more than 120 million testing transactions. In consultancy and development dialogue GIRO answered more than 3,000 questions to ensure that the experience of the new solution would be genuinely beneficial to the whole Hungarian society.

“Launching real-time payments in Hungary not only marks an important step for GIRO, but for the whole Hungarian financial market. We have been working closely with Nets throughout the implementation process and been reassured of the product and partnership value we were looking for when completing the tender and vendor selection process.” said Dr Selmeczi-Kovács Zsolt, CEO of GIRO.

Zsolt continues: “We now look forward to developing the capabilities of the payments system further and facilitating new and innovative products in cooperation with Nets.”

The commercial launch of the RealTime24/7 platform in Hungary is a software delivery. RealTime24/7 is also available as a managed service. The deployments in production in Denmark, Italy, Slovenia, and Norway are run as managed services. Several of the RealTime 24/7 deployments include overlay services, where the advantages of instant payments are utilised for the benefit of all parties in the payments ecosystem.