Nordic payment service provider Nets, has rolled out its instant payments platform, “RealTime24/7” to Hungary, in partnership with Giro.Zrt. The platform is now open for Hungarian banks to test services.

Giro Zrt, a wholly owned subsidiary of Hungary’s central bank Magyar Nemzeti Bank (MNB), was established in 1988 as a clearinghouse with a modern interbank electronic settlement system.

“The delivery of the platform is the outcome of a close and successful partnership between the parties resulting in the instant payments platform being delivered on time in accordance with the originally agreed milestone plan,” announced Nets and Giro Zrt.

Fourth market for the platform

“We are happy to say that we have delivered on time in a very fruitful cooperation with GIRO Zrt”, said Torben Hohlmann, senior vice-President, Nets. GIRO, with the support of Nets, is operating the platform from this month, thus allowing the banking community to test and gain experience with instant payments.

This marks the fourth successful implementation of the RealTime24/7 platform, with Hungary added to previous implementations in Denmark, Italy and Slovenia. Currently, Nets is also upgrading Norway to the RealTime24/7 platform.

Nets and Vipps, the owner of Norway’s BankAxept have recently confirmed plans to expand their strategic partnership. Under the agreement, Nets will continue to process BankAxept transactions until 2024. At the same time, Nets will further develop the payment platform and support Vipps in the development of new and innovative solutions for the scheme.

The two companies will work together to ensure that BankAxept, the national system for debit cards in Norway, “remains a competitive, secure and convenient payment solution for Norwegian consumers and merchants.”