meta_id 3314814

The Hungarian National Bank (MNB) has issued a management circular addressing the supervisory treatment of MNB-maintained bank accounts regarding the placement of funds received from payment transactions. The circular targets non-credit institution payment service providers, including payment institutions and electronic money institutions, that provide payment services in Hungary under the Act CCXXXVII of 2013  on Credit Institutions and financial enterprises . The MNB permits non-credit institution payment service providers to connect to the Real-Time Gross Settlement System (VIBER) as a designated payment system and provides account management services exclusively in connection with participation in designated payment systems. Effective July 15, 2026, the MNB's business terms specify that account management services for non-credit institution payment service providers are limited to payment accounts for this purpose only. Funds must be used solely for settling and executing the provider's own and clients' payment transactions within the payment system. The circular clarifies that placing customer funds on accounts maintained by the MNB does not comply with customer fund protection measures under the Payment Services Act. Non-credit institution payment service providers must comply with customer protection requirements by: Temporarily crediting funds received for electronic money issuance to their payment accounts while immediately implementing measures ensuring compliance. Holding funds received for payment services that are not transferred to another payment service provider or paid to beneficiaries until the end of the business day following receipt, after which they must implement measures ensuring compliance. The MNB expects compliance with these requirements from affected institutions without delay. The circular is not legally binding but expresses statutory requirements and recommended supervisory principles and methods.