Open Banking in Hungary

Live (Regulated)

Hungary implements open banking through PSD2 with Magyar Nemzeti Bank oversight and Berlin Group NextGenPSD2 standards.

Key Facts

Approach

Regulated

Regulatory Body

Magyar Nemzeti Bank (MNB)

Key Legislation

PSD2 / Act LXXXV of 2009 on Payment Services (amended)

Topics

Open Banking

Internet Penetration

89%

Data Scope

Payment accounts, Account information, Payment initiation, Confirmation of funds

Timeline

2015PSD2 adopted by the European Parliament and Council

2018PSD2 transposed into Hungarian law; MNB oversees implementation

Standards & Specifications

Berlin Group NextGenPSD21.3.12

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Open Finance in Hungary

Hungary transposed PSD2 through amendments to its Payment Services Act, with the Magyar Nemzeti Bank (MNB) as the supervisory authority. Major Hungarian banks including OTP Bank, K&H Bank, and Erste Bank Hungary have implemented open banking APIs.

The MNB has been proactive in supporting financial innovation, including launching a regulatory sandbox and innovation hub. Hungary's instant payment system, AFR (Azonnali Fizetési Rendszer), launched in 2020, complements open banking by providing real-time payment infrastructure.

Budapest's growing technology sector and OTP Bank's regional expansion across Central and Eastern Europe create opportunities for open banking innovation beyond the domestic Hungarian market.

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