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19th February, 2020

Open banking arrives in Hungary

Open banking – in which fintech companies have access to bank account information – started in Hungary on Tuesday with the launch of the services of Számlázz, a company which allows clients to manage their accounts at different banks with one app.

The start of the new service is based on the EU’s revised Payment Services Directive (PSD2), which came into force five months ago.

Számlázz is one of four companies that have obtained Account Information Service Provider licences from the MNB.

Számlázz launched its operation in co-operation with K&H bank, and expects other banks to join soon.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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