Reuters
Hungarian banks say they have spent up to $133 million on a new instant-payments system and won’t pass on the cost to customers, but are seeking to recoup part of it by asking the government to ease a financial transaction tax. Under the new system, due to launch on March 2 after several months of delays, domestic bank transfers worth up to 10 million forints ($33,050) will be settled within five seconds, seven days a week, as the banks respond to increased competition from fintech providers. More...