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What is GIRO Zrt?

May 18, 2024June 13th, 2024No Comments

GIRO Zrt., a central player in Hungary’s financial infrastructure, has been ensuring the timely, secure, and reliable execution of transfers and direct debits since its inception on November 18, 1994. Serving as a crucial hub for all Hungarian payment service providers and banks, GIRO Zrt. operates the Interbank Clearing System (ICS), which processes domestic HUF (Hungarian Forint) transactions efficiently and cost-effectively.

Historical Background and Evolution

GIRO Zrt. was established to modernise and streamline the financial transaction process in Hungary. Over the years, it has evolved to become an indispensable component of the nation’s banking system, ensuring that transactions are processed swiftly and securely. The company’s establishment in 1994 marked a significant step forward in the digital transformation of Hungary’s financial sector, replacing slower, manual processes with automated, electronic solutions.

Core Services and Operational Modes

Interbank Clearing System (ICS)

The ICS operated by GIRO Zrt. offers three distinct clearing modes, each tailored to meet different transaction needs:

  • InterGIRO1 (Night Clearing): This mode processes transactions overnight, ensuring that all payments initiated during the day are cleared by the next morning. This is particularly useful for businesses that need to ensure all end-of-day transactions are settled promptly.
  • InterGIRO2 (Intraday Multiple Clearing): Introduced to enhance efficiency, InterGIRO2 processes transactions multiple times throughout the day. This intraday clearing mode is ideal for businesses and financial institutions that require frequent transaction settlements within the same business day.
  • GIROInstant (Instant Clearing): Launched on March 2, 2020, GIROInstant has revolutionised transaction efficiency by enabling payments up to HUF 10 million to be cleared within seconds, operating 24/7 throughout the year. This instant clearing service is crucial for scenarios where immediate fund transfers are necessary, significantly minimising delays and enhancing financial operations.

Impact of GIROInstant

The introduction of GIROInstant has had a profound impact on the financial landscape in Hungary. By ensuring near-instantaneous settlement of transactions, GIROInstant supports a wide range of financial activities, from everyday consumer payments to critical business transactions. This service is particularly beneficial for UK businesses and individuals needing swift and reliable transfers to Hungary, enhancing cross-border financial operations and minimising potential delays.

Additional Services by GIRO Zrt.

  • GIRODirect: This service is tailored for high-turnover clients, such as large corporations and financial institutions, streamlining the transfer process and ensuring that large volumes of transactions are handled efficiently.
  • GIRinfO: GIRO Zrt. also offers GIRinfO, a service that provides seamless access to critical financial databases. This access is vital for financial institutions and businesses that require up-to-date information for decision-making and transaction processing.

Enhancing Cross-Border Transactions

For businesses and individuals converting GBP to HUF and executing international payments to Hungary, the primary payment route typically involves the SWIFT network. SWIFT is known for its reliability and global reach, facilitating secure international transfers. However, in scenarios where the recipient’s bank does not support SWIFT payments, local routes such as GIRO Zrt’s ICS can be utilised, offering an alternative avenue for seamless and reliable transactions.

Benefits of Using GIRO Zrt. for International Payments

  • Speed and Efficiency: GIROInstant ensures that payments are processed within seconds, providing a significant advantage over traditional international payment methods that may take several days.
  • Cost-Effectiveness: By utilising local payment routes, businesses and individuals can often reduce the transaction fees associated with international transfers, making the process more economical.
  • Reliability: The robust infrastructure of GIRO Zrt. ensures that funds are transferred quickly and securely, reducing the risk of delays and errors.


GIRO Zrt. stands as a vital component of Hungary’s financial infrastructure, providing a range of services that enhance the efficiency, speed, and reliability of financial transactions. From the introduction of night clearing and intraday multiple clearing to the revolutionary GIROInstant service, GIRO Zrt. has continually evolved to meet the demands of a modern financial system. For businesses and individuals involved in converting GBP to HUF and making international payments to Hungary, leveraging the capabilities of GIRO Zrt. can ensure seamless and reliable transactions, fostering smoother financial operations and enhanced economic confidence.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.