GIRO Zrt. goes LIVE with Montran ACH

October 2009 - GIRO Zrt. is the only clearing house for credit institutions in Hungary, providing electronic money transfers that allow quick and effective payments among any business. Given the fact that the shareholders are the banks themselves, and GIRO Zrt. is the only enterprise in the country in this area, GIRO Zrt. has to meet the requirements of extreme rapidity, efficiency, accuracy, transparency and high-level security.

In 2006, when this new project started, the previous clearing service (BKR) was servicing approximately 57 banks and, through them, millions of individual customers and companies in Hungary.

GIRO Zrt. recognized the need to implement a new system (the existing being more than 12 years old) that was based on the newest technologies, and that could easily be enhanced to provide new services such as SEPA payments, EACHA connectivity, TARGET 2 settlement, EURO clearing, etc. The solution was the Montran Automated Clearing House (ACH).

The Montran ACH was also required to meet very demanding volumes of transactions (8 million per day was requested upon commissioning). However, due to the good design and latest technologies, this system is capable of processing 25 million transactions within 2 hours.

The Montran ACH was integrated with the other new systems that were implemented at the same time in GIRO, such as the new communication infrastructure, the security infrastructure, the reporting infrastructure, etc. The integration with these systems has proven to be seamless.

The migration to the Montran ACH was transparent to all banks and customers; all services that GIRO Zrt. offered at the bank premises were not changed with the introduction of the new system, except, of course, for the additional functions that the new system was offering, such as a web browser monitoring station together with the appropriate IT security involved.