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The effects of the introduction of intraday clearing on turnover in Hungarian payment systems

Author

Listed:
  • Miklós Luspay

    (Magyar Nemzeti Bank (the central bank of Hungary))

  • Annamária Madarász

    (Magyar Nemzeti Bank (the central bank of Hungary))

Abstract

This article investigates how turnover has changed in the Hungarian payment system over the almost 18-month period since the introduction of intraday clearing (2 July 2012). A development exercise of a similar scale took place in Hungarian payments when VIBER was introduced in 1999, which allowed the central bank to estimate the effects on payment turnover and bank liquidity in preparation for this project. This article once more poses the questions most frequently encountered during the development project and offers answers based on the experience available today. Even before the introduction of intraday clearing, it was clear that this new clearing system would be beneficial for retail and corporate clients alike, but it is only now, after more than a year, that we are able to assess the changes in turnover and the effects on liquidity. This article presents the types of transactions that have moved from VIBER to the intraday clearing system and the extent of such, and it also looks at how the agents of the Hungarian banking system have grappled with the liquidity aspects of the introduction of the new system and what additional mechanisms are available to them to improve their liquidity.

Suggested Citation

  • Miklós Luspay & Annamária Madarász, 2014. "The effects of the introduction of intraday clearing on turnover in Hungarian payment systems," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 9(1), pages 48-57, March.
    • Handle: RePEc:mnb:bullet:v:9:y:2014:i:1:p:48-57
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    File URL: http://www.mnb.hu/letoltes/luspay-madarasz.pdf
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    Cited by:

    1. László Bodnár & Miklós Luspay & Annamária Madarász, 2014. "The effect on payments of the conversion of MNB bills into deposits," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 9(2), pages 36-44, July.

    More about this item

    Keywords

    Hungarian payment systems; VIBER; ICS; intraday clearing; turnover; liquidity;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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