Hungary’s new payment system will come into force from 1 July next year.

The system will enable fund transfers of up to Ft10m ($35,210) in real time.

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Hungarian financial services provider Giro will implement the platform in partnership with Nets A/S group.

The Hungarian instant payment system will be operational round the clock, thereby transforming remittance services in the country.

Customers can use this system to transfer funds by using the beneficiary’s mobile telephone number. This process will eliminate the need to procure the payee’s bank account details to send money.

Giro is responsible for the development of central infrastructure of instant payments in collaboration with Nets. It is also said to have completed a major milestone in the project recently that will help the Hungarian instant payment system to go live on time.

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Nets instant payments solutions are already live in multiple European countries, including Denmark and Italy. Currently, it is implementing the system in Slovenia.

The company has already delivered instant clearing software featuring country-specific features and requirements to Giro. Subsequently, Giro has configured the hardware infrastructure to install and operate the clearing software.

In a statement, Nets said that the initial tests of the software were completed successfully.

In June, OP Financial Group partnered with Nets to make its Pivo Wallet available to Nets’ online and in-store merchants in Finland.