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Savings cooperatives + integration = More efficient payment services?

Author

Listed:
  • László Bodnár
  • László Delikát
  • Bence Illés
  • Ádám Szepesi

    (Magyar Nemzeti Bank)

Abstract

After a short introduction of the history of savings cooperatives, the article focuses on the sector’s role in payments in general. Its drawbacks from a payments point of view are examined, which are mostly be associated with the decentralised operation of the sector and the high level of manual procedures. The authors elaborate what possible effects the new integration might have on domestic payments, specifically focusing on those areas where there is still room for further improvement. Finally, they conclude that the ultimate solution for the lawful operation of an integrated model with multiple participants would be a unified accounting system. The conclusion is that creating a savings cooperatives integration will offer the opportunity to provide competitive financial services based on modern, unified procedures.

Suggested Citation

  • László Bodnár & László Delikát & Bence Illés & Ádám Szepesi, 2015. "Savings cooperatives + integration = More efficient payment services?," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(3), pages 122-146.
    • Handle: RePEc:mnb:finrev:v:14:y:2015:i:3:p:122-146
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    File URL: http://english.hitelintezetiszemle.hu/letoltes/6-bodnar-delikat-illes-szepesi-en.pdf
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    Citations

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    Cited by:

    1. László Bodnár, 2017. "Network properties and evolutionof the Hungarian RTGSover the past decade," MNB Occasional Papers 2017/132, Magyar Nemzeti Bank (Central Bank of Hungary).

    More about this item

    Keywords

    savings cooperative; integration; payment inspection; Takarékbank; Payment Services Act;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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