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Wholesale Banking

27 November 2023

Information about system replacement

Dear Client, We would like to inform you that our bank has started to replace its local account management and transaction processing system in order to fulfill our goals regarding digital transformation. This process will take place in different phases and is expected to last until the end of 2025. In case the system replacement affects the products and services you use, we will in all cases notify you in advance. In the first phase, we will carry out the system replacement for money market operations in the first quarter of 2024. We will send detailed notification to our affected customers about the changes in November 2023. We will do everything to ensure that our services remain fully available during the transition and we will inform our customers in advance about every phase of the system replacement through our website available at https://www.ingwb.com/hu/nemzetkozi-halozat/emea/magyarorszag. We thank you for your understanding and cooperation! If you need further information on the above, please contact our customer service at +36 1 235 8700 or client.service.hu@ingbank.com. Best regards, ING Bank N.V. Hungary Branch

 

17 September 2023

Service Outage

We kindly inform our clients that due to planned maintenance, between 03:00 and 07:00 AM on September 17, 2023, the initiation of instant payments will not be available and incoming instant payments will be credited to customer accounts with a delay. We apologize for any inconvenience caused and appreciate your understanding!

 

19 February 2023

Outages in the processing of Instant Payments

We would like to kindly inform you that due to maintenance activities on 19th of February 2023 (Sunday), between 9 a.m. and 1 p.m., outages in the processing of Instant Payments can be expected. Please do not initiate Instant Payments during the indicated period! We sincerely apologize for any inconvenience caused.

 

25 January 2023

Instant Payment system will be unavailable

We would like to kindly inform our clients that between January 28, 2023 00:00 and January 29, 2023 04:00 a.m. GIRO Zrt. carries out a version change affecting the technical environment of instant payments. As a result, the Instant Payment system will not be available between 02:00 a.m. and 03:00 a.m. on January 29, 2023 (Sunday), and in this period, the central processing and settlement of transactions will be paused. In addition to the above period, during the version change, receiving and processing transactions is continuous, however partial communication problems may occur. We thank you in advance for your patience and understanding!

 

21 March 2022

Instant payments

ING started introducing instant payments from 2019 onwards. As a pan-European bank, ING’s ambition is to offer Instant payments in all countries in which it has a local presence. Here you can find information on what instant payments are, what the advantages are, and when you can initiate or receive them.

Instant payments provides your organisation with several advantages:

  • Improved cash flow
  • Optimisation of cash management
  • Send and receive funds outside business hours
  • Immediate delivery and receipt of time-critical payments
  • Improved supply chain
  • Opportunities for innovation
  • Improved control and oversight of financial cash management

The benefits

We live in a digital world of instant news and instant messages. Instant payments are a logical consequence of our 24/7 economy. Instant payments will be added to real-time payments and will give all clients the option of carrying out payments 24/7, 365 days a year.

Instant payments do not differentiate between business days, weekends or holidays for the processing of payment.*

Please note that ING Belgium does not yet support booking 365 days a year, and for now still differentiates between processing payments on business days, weekends and holidays.

Participating banks

Instant payments are not yet mandatory for banks to participate in. As a result, you may encounter that you are not be able to send an instant payment to all beneficiaries. Transactions to those beneficiaries that hold their account at a bank that is not reachable for Instant Payments will be processed as a normal SEPA Credit Transfer (during opening hours).

Instant payments provide the following advantages:

  • Improvement of cash flow and optimisation of cash management by monetising on an investment opportunity during the weekend.
  • Improved credit risk management.
  • Send and receive funds outside business hours, in the evening, nights, weekends and holidays for receipt of e-commerce transactions, invoices, retail transactions.
  • Immediate and more transparent delivery and receipt of time-critical payments such as notary and tax payment and the payment of insurance claims.
  • Improved supply chain thanks to direct delivery of goods based upon receipt of funds; direct salary payment after working day.
  • Opportunities for innovation, such as new products or services thanks to automatic debiting of the client’s account for purchases.
  • Improved control and oversight of financial cash management through centralisation of treasury activities (to remote) central location.

Potential impact on your business

Being able to send and receive instant payments in real-time at every moment of the day, 365 days a year, can have an impact on your business. 

Interaction with your clients could also be affected by instant payments depending on the choices you make, such as having operational client support 24/7, changes in your supply chain management, or options for direct billing. 

Payment and treasury systems

Accounts will be debited and credited 365 days a year.* This may affect the way you handle your cash management.
Liquidity forecasting and reconciliation will be impacted as your balance will shift during weekends and holidays, too.

Interest calculation

Interest calculation will be applicable on the day the account is debited or credited: book day = value date. ING will book on all calendar dates so that interest is applicable on all days.**

Reporting

ING will provide you the option of acquiring your reporting on all calendar days.** Your ERP system must be able to cope with reporting on weekends and holidays to enable you to process reporting files for each day of the week or three files in the correct order on Monday morning. We advise you to contact your ERP supplier for more information.

As the end of the day has shifted to 0:00 hours, your end of day statement will be delivered after day switch. The intraday statements (MT.942 and camt.052) will eventually be sent (near) real-time.**

In your statement, the incoming and outgoing Instant Payments will be reported separately (i.e. separate ING reporting code 00112 and ISO Family Code IRCT/RRCT). In your camt.05X report, a timestamp indicating the time of initiation (in milliseconds) will be added to the report.**

More information on your reporting.

Cash Management

Cash Balancing

If you have a Domestic Cash Balancing or Cross-Border Cash Balancing pool the introduction of instant payments/365 day reporting may result that transactions and sweeps will be processed on the participating account and master account on weekend days. It could also be that balances will remain on your participating account during the weekend. However, these will be transferred on the next processing day in accordance with the original value day.  

Virtual Bank Account (VBA)

If you have a Domestic Virtual Bank Account structure or Cross-Border Virtual Bank Account structure the introduction of instant payments/365 day reporting may result that transactions and sweeps will be processed on the VBA account and master account on weekend days.  

For more information view our Instant Payments/365 day reporting and sweep processing per Cash Management Product.

Countries where instant payments are operational

From November 2017, banks in Europe are gradually adopting SEPA instant payments. ING Bank, as a pan-European player, has the ambition to offer instant payments in all network countries in which it has a local presence. 

Austria

Wholesale Banking clients can receive SEPA instant payments. Sending SEPA instant payment for Wholesale banking clients is available via InsideBusiness Payments (IBP) with a maximum amount of € 5,000,000 per transaction, assumed that the beneficiary bank indicated that it allows higher amounts. If not, the default limit of €100,000 per transaction is applicable.

SEPA Instant payments are processed within 10 seconds, 24/7/365 (book date = value date).

Belgium

Retail customers can send and receive SEPA instant payments (private individuals through Mobile & Home Bank, business clients through Business Bank and Telelink Online). Apart from the channel limit, domestic SEPA instant payments have no maximum amount per transaction.

The maximum amount for cross border SEPA instant payments is €100,000 per transaction.

Wholesale Banking clients currently can only receive SEPA instant payments.

SEPA instant payments are processed within a few seconds, 24/7/365 (transaction date = value date).

The Netherlands

Retail customers can send and receive SEPA instant payments. Apart from the channel limit, domestic SEPA instant payments have no maximum amount per transaction.

Wholesale Banking clients can receive SEPA instant payments. Sending domestic SEPA instant payments for Wholesale banking clients is available via InsideBusiness Payments (IBP) with a maximum amount of € 5,000,000 per transaction.

Also, for cross border SEPA instant payments, the maximum amount is €5,000,000 per transaction, assumed that the beneficiary bank indicated that it allows higher amounts. If not, the default limit of €100,000 per transaction is applicable.

SEPA instant payments are processed within a few seconds, 24/7/365 (book date = value date). 

Luxembourg

Wholesale Banking clients currently can only receive SEPA instant payments. Instant Payment transactions towards EUR accounts at ING Luxembourg are limited to EUR 100,000.

SEPA instant payments are processed within a few seconds, 24/7/365 (transaction date = value date).

Spain

Retail customers and Wholesale Banking clients can receive SEPA instant payments, credited end-of-day for Wholesale Banking clients.

Portugal

Wholesale Banking clients currently can only receive SEPA instant payments.

SEPA instant payments are processed within a few seconds, 24/7/365 (transaction date = value date).

The sending of SEPA instant payments will come in due course.

Germany

Wholesale Banking clients can receive SEPA instant payments. Sending SEPA instant payment for Wholesale banking clients is available via InsideBusiness Payments (IBP) with a maximum amount of € 5,000,000 per transaction, assumed that the beneficiary bank indicated that it allows higher amounts. If not, the default limit of €100,000 per transaction is applicable.

SEPA Instant payments are processed within 10 seconds, 24/7/365 (book date = value date).

Hungary

Wholesale Banking clients can send and receive domestic HUF instant payments (HCT Inst). HUF Instant Payments are processed within 10 seconds with a maximum amount of HUF 10,000,000.

Italy 

Wholesale Banking clients can receive SEPA instant payments.

Sending SEPA instant payment for Wholesale banking clients is available via InsideBusiness Payments (IBP) with a maximum amount of € 5,000,000 per transaction, assumed that the beneficiary bank indicated that it allows higher amounts. If not, the default limit of €100,000 per transaction is applicable.

SEPA Instant payments are processed within 10 seconds, 24/7/365 (book date = value date).

Useful links: 

TIPS instant payments
EBA RT1 instant payments 

 

21 February 2022

ING Tempo - Podcast

ING Tempo on Spotify

 

31 March 2016

Mandatory use of XML format in case of SEPA transfer orders

Dear Client,

Please be informed that pursuant to Article 5 (1) b) of the Regulation no 260/2012 of the European Parliament and of the Council establishing technical and business requirements for credit transfers and direct debits in Euro and amending Regulation (EC) No 924/2009 ("Regulation") the message format specified in point (1)(b) of the Annex (ISO 20022 XML standard) shall be used for the initiation or receipt of credit transfers or direct debits bundled together for transmission by payment service users who are not considered as consumers or microenterprises.

This means that as of 31 October 2016 your SEPA transfer orders (SEPA Credit Transfer) will only be accepted by the bank in XML format, if all the below conditions apply at the same time:

  • the currency of the initiated transaction is EUR,
  • the beneficiary of the transaction is located in the SEPA zone (27 EU member states, and Switzerland, Norway, Iceland, Liechtenstein), and
  • your transactions are uploaded via the ING Wholesale Banking Inside Business Payments Hungary system in bundled- mode (including more items) in MT 100 or MT 103 format,

the regulations mentioned in the 1st and 2nd paragraphs will apply to your transfer orders. The bank, therefore, - acting according to these legal requirements - starting as of 1 November 2016 will only be able to accept these orders in XML format.

For any other payment order types not mentioned above the XML format requirement will not apply.

The above regulation-through establishing a single European financial market - serves your financial comfort with being uniformly applicable to all your financial services providers and above detailed payment transaction, consequently you will be able to use a single format payment order with all your financial services providers.

Please note that ING Bank N.V. Hungary Branch has been prepared for receiving payment orders in XML format.
At the same time the relevant IT system of your company should be ready for generating XML format which might require system development or format configuration in your system. Therefore we kindly ask you to please make the necessary preparations.

You can find further information about ISO standards here and here. The above mentioned regulation can be found here.

Should you need any further information, please do not hesitate to contact us.

Thank you for your attention and cooperation!