On Monday, several of our readers reported that timed and large transfers were not going through, because InterGiro2 (IG2), which settles daytime, larger transfers every hour, was temporarily stopped. Giro Zrt., which operates the system, on its official website for the first time he announcedthat they detected “operations different from the normal business process” and that the normal business process is currently being restored, and after the publication of our article, they responded to our inquiry:
“During the day-opening process of the intraday settlement platform InterGIRO2, a deviation from the normal course of business occurred due to an error by an external service provider. This non-operational operation in the normal course of the settlement cycles causes slower control and settlement process times during the existence of the error, so there is also a deviation from the normal course of business in settlement to the clients of the clearing members.”
As they wrote, they started processing Monday’s transactions on the IG2 settlement platform, and their goal is that the batches submitted on Monday “will be fully processed and settled today.” According to Giro Zrt., they provide their clearing members with continuous information containing relevant information in a timely manner, adding that the settlement of transactions in the instant payment system is uninterrupted.
On Monday afternoon, it was announced that the normal course of business in the InterGIRO2 service had been restored.
After the publication of our article, Raiffeisen Bank wrote to Telex that, according to Giro Zrt.’s information, due to a technical problem, there was an interruption in the execution of timed and large transfers, however, the execution of the submitted orders began in the afternoon, and it is expected that all transfers will be settled by the end of the day. OTP Bank has indicated that the problem affects all domestic banks, and the warning can already be read in their banking application: “Due to an external partner error in the GIRO settlement system, transfers from other banks sent to OTP Bank via the non-immediate payment system are not received. Due to the error, GIRO does not settle the items initiated by the bank, it does not forward them to the beneficiary’s bank. The error has been corrected immediately. affect the bank.”
Hungarian remittances are managed by several systems, private individuals most often come across the AFR (instant payment system) system designed for items under HUF 20 million, where remittances are transferred in seconds. This system works. At the same time, two more systems are decisive in the life of larger companies and financial institutions, namely InterGiro1which handles nightly, one-time larger transfers; or that InterGiro2which is currently not working.
The last time a similar incident happened at the beginning of May we wrote more here.
Our article has been updated with the response of Giro Zrt. and Raiffeisen Bank.
