Instant Payment System

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 Application, the CIB Bank Online, the CIB Internet Banking, the CIB TPP Channel, the Business Terminal or the 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. 
• Single, non-batched electronic HUF transfer orders by ‘non-consumer’ customers (i.e. sole traders and companies). 

• Single HUF transfer orders given at a bank branch or through the CIB24 call centre.
• Single HUF transfer orders launched through an electronic channel (including the CIB Bank Mobile Application, the CIB Bank Online, the CIB Internet Banking, the CIB TPP Channel, the Business Terminal or the 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. 
• Single, batched electronic HUF transfer orders by ‘non-consumer’ customers (i.e. sole traders and companies). 

These transactions are transacted under the current daytime clearing system. 

Orders can be sent as before, as a single transfer on the electronic channels listed under point 1). 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.

In the Instant Payment System, transfer orders reach the payee’s bank within five seconds of being recorded and successfully signed. At the payee’s bank, the transferred amount is credited to the payee’s account and is thus immediately available. The transaction must be completed within 20 seconds. If the transaction lasts for more than 20 seconds due to any reason, the order is automatically dismissed. Instant transfer orders between a customer’s accounts with the bank (‘inter-account transfers’) are also completed within the time-limits referred to above.

The customer launching a transaction is immediately notified of the failure of the transaction on the channel where the order was sent. Importantly, transactions will be automatically dismissed if the required funds are unavailable. 

No, IPS transactions have the same charge as non-instant transactions.

How do I know that the transaction was made under the IPS? 

The transaction ID on the acknowledgement of instant payment orders starts with IG3. In the first step, instant transfer orders are classified as ‘pending’ and the respective amount is blocked, i.e. the available balance is reduced by that amount. The order is classified as ‘final’ when the payee’s bank has confirmed that the transfer has been made. The transferred amount is then debited to the account. If, for any reason, the payee’s bank has sent a failure notice (e.g. the account to be credited is a closed account), the order gets dismissed, the original balance is restored on the account and the order is not recorded in the account history. 

In the case of transactions sent through the CIB Bank Mobile app and CIB Bank Online Banking, the order is first classified as a pending item in the List of Orders menu and is re-classified among the completed or dismissed items on the basis of its final status. The list of transactions only shows registered items with a ‘completed’ final status. 

In the case of CIB Internet Banking, the transaction is classified as an admitted and unrecorded transaction. If the final status is ‘completed’, the amount of the order can be queried in the account history. In the event of a failed transaction, the original balance is restored, no record is shown in the account history, and a message on the grounds for rejecting the transaction is sent to the mailbox. 

In the event of the Business Terminal, the order sent to the bank is classified as ‘In progress’, whose final status is updated as a completed (‘Recorded’) or failed (‘Dismissed’) transaction, depending on the notification from the payee’s bank. The actual status of orders can be viewed in the ‘HUF transfers/Item status’ sheet.

In the event of CIB Business Online, the order sent to the bank is classified as ‘Under reservation’, whose final status is updated as a completed (‘Recorded’) or failed (‘Dismissed’) transaction, depending on the notification from the payee’s bank. The actual status of orders can be queried under the menu items ‘Batches sent to the Bank’ and ‘Orders sent to the Bank’.

Are forint conversion transfers completed in the IPS?

That’s correct, 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 (that is, from 16:00 on ordinary working days or 14:00 on Saturday working days until 08:30 of the next working day the latest), a new exchange rate ISP out of hours 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 >>

• Yes, single batch HUF transfer orders sent by consumers (natural persons) are, provided that they meet all other conditions. 
• Single batch HUF transfer orders sent by sole traders or companies on electronic channels are not classified as instant transfer orders.

Under the Instant Payment System, a so-called ‘secondary account ID - 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 its first use. 
Secondary account IDs may include:

• A cell phone number including the country prefix of an EEA Member State (e.g. +36 30 1234567).
• E-mail address.  
• For consumers, the numerical ten-digit tax identification code specified by the tax and customs authority.
• For sole traders and companies, the 8 or 11-digit VAT number allocated by the tax and customs authority.

Importantly, the secondary account ID must be registered before its first use.  Registration can be made 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 or their own email address as Secondary ID for their bank accounts by clicking here, provided that they have an agreement for the electronic services (CIB Internet Bank, CIB Bank Mobile application or CIB Bank Online service). If  the language setting of your browser is Hungarian, the registration page is available in Hungarian, in every other case it is available in English. 

To register, you must first enter the registration interface with the customer ID used for the CIB Bank Mobile Application, CIB Bank Online or CIB Internet Bank and the unique password generated by the #withKEY token that is part of the CIB Bank Mobile Application or the CIB Hard Token. After logging in, you can choose which bank account you want to register your mobile number or e-mail address with as a secondary account ID. We will send a one-time code to the mobile phone number or e-mail address provided, which you must enter on the registration interface to complete the registration. After you have successfully entered the one-time code, we will inform you about the success of the registration on the confirmation page that appears.

A secondary account ID may be registered at our bank branches by the account owner or proxies. The person registering a secondary account ID must be authorised to use the secondary account ID; such authorisation shall be verified by the Bank.
  
More than one secondary account IDs may be assigned to a payment account, i.e. an email address and a phone number may be assigned to the same bank account at the same time. 

Importantly, due to its unique nature, a secondary account ID shall be uniquely registered in the Instant Payment System’s central database; in other words, an email address shall not be assigned to several bank accounts at the same time. Consequently, the uniqueness of the secondary account ID is verified on its registration. Where the secondary account ID has earlier been registered for another bank account, such earlier registration shall be cancelled on its repeated registration.  

If the secondary account ID for your payment account (e.g. your mobile phone number) has changed, you can cancel your existing registration and re-register at any bank branch.

A secondary account ID shall remain valid for the period of 12 months from the date of registration. At least 30 days of the expiry of your secondary account ID, you will be warned of the need to renew your registration. If you have failed to renew the annual registration of your secondary account ID by the expiry date, the secondary account ID shall be deleted. 

Where a transfer is requested using a secondary account ID, the transfer must meet the conditions specified for instant transfer orders in order to be completed. 

In the Instant Payment System, ‘payment request’ messages are sent and received in connection with the start of an operation. It essentially means that the payee may initiate an instant transfer order with the party launching the transaction (the payer) by sending the information required in order to complete the operation (e.g. the relevant amount, identification data for the payer’s bank account, period of validity of the payment request). The payment request shall be valid for two months of its submission. At CIB Bank, the payment request service will not be available immediately from 2 March 2020. The service is being considered to be introduced at a later date.