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Fintech Firms Face Regulatory Hurdles in Hungary

Hungary has taken significant steps towards implementing the European Union’s Payment Services Directive 2 (PSD2), which aims to increase competition and innovation in the financial sector. As part of this process, fintech companies operating in the country must comply with new regulations aimed at ensuring customer safety and security.

Open Banking: A Game-Changer

The introduction of open banking, which allows customers to access their account information from multiple banks through third-party providers (TPPs), is a major innovation in Hungary. This will enable customers to retrieve information from different accounts fully automated and have it available in real-time. However, this service will not be available to Hungarian customers until January 1, 2019.

Customer Authentication Crucial

Careful customer authentication is essential to prevent fraud and ensure that fintech companies are held liable for any unauthorized transactions. The regulations require financial service providers to apply strict customer authentication measures by January 13, 2019. Failure to do so may result in full liability for damages in the event of an unauthorized transaction.

New Procedures for Handling Complaints

In addition to these new regulations, fintech companies must also develop accelerated procedures for handling complaints. This is a significant change from existing procedures and reflects the need for faster resolution of customer issues.

Fintech Companies Must Act

With the PSD2 Directive now in force in Hungarian law, fintech companies operating in the country must take immediate action to comply with these new regulations. Failure to do so may result in significant financial penalties and damage to reputation.

Author’s Note

By Richárd Zuberecz