Open Banking in Hungary: Trends, Adoption and Regulations – The Ultimate Guide

Hungary’s banking sector is becoming increasingly digital. There are around 200 active fintechs, and leading banks have introduced account opening via selfies on mobile apps. However, open banking adoption and PSD2 usage remain well below European averages. Hungarian digital infrastructure does, however, prepare the country for a leap into the world of open finance in the near future. Because of that immense potential, businesses can start building now – through thoughtful implementation of open banking in Hungary and registering with Noda merchants and fintechs can unlock new payment and data-driven capabilities.

What Is Open Banking? A Recap

Open banking is all about making banking smarter, faster, and more connected — but only with your consent. Simply put, it enables individuals and businesses to securely share their bank account data and initiate payments through APIs, which serve as digital bridges between banks, merchants, and financial service providers. Thanks to Europe’s PSD2 directive, which Hungary implemented in 2018, banks are required to open their systems to licensed Third-Party Providers (TPPs). This has unlocked two main services.

Firstly, Account Information Services (AIS) enables apps and companies to access real-time data, such as balances and transactions, which facilitates tasks like budgeting, credit checks, and financial insights. Secondly, Payment Initiation Services (PIS) enable direct bank-to-bank payments without relying on traditional card networks, often resulting in quicker settlements and lower fees.

This API-driven system not only improves the user experience but also boosts security through Strong Customer Authentication (SCA). More than just a new way to pay, open banking fosters innovation — offering merchants and fintechs fresh tools to understand customers better and tailor services to their needs. For example, platforms like Noda enable merchants to securely access banking data (with customer permission) to provide more intelligent payment options and personalised financial products.

For customers, this means smoother checkouts, instant payments, and greater control over their financial data — all while reducing the friction associated with traditional payment methods. Open banking is revolutionising the way we manage our finances, making them more efficient, transparent, and user-friendly.

How Does Open Banking Work in Hungary?

Hungary updated its financial regulatory system in 2017, transposing PSD2 into national law in January 2018. As early as March 2019, most major banks – 18 out of the top 20 – had launched sandbox or dev-portal environments that were compliant with PSD2. These portals primarily follow the Berlin Group’s NextGen PSD2 standards. To use APIs, providers must hold PSD2 licenses and qualified eIDAS certificates, and all transactions must pass Strong Customer Authentication.

That being said, real-world usage remains very limited, especially when compared to some other nations in Europe, such as the UK and Germany. A recent review found API documentation inconsistent and sandbox environments varied, making robust implementation difficult. OTP Bank’s open banking API is available but typically reserved for businesses rather than individuals. Financial businesses typically access data through global aggregator services rather than connecting directly to domestic bank portals.

Hungary Open Banking Overview

As of 2025, Hungary’s open banking landscape is evolving but remains in the early stages of adoption. While the implementation of the EU's PSD2 directive in 2019 mandated banks to provide secure access to customer account data through APIs, the pace of adoption has been cautious.

The Hungarian National Bank (MNB) launched a fintech innovation sandbox in 2019, which by 2024 had supported approximately 200 projects. This initiative demonstrates strong regulatory support for experimentation, although implementation guidance remains uneven. However, the integration of fintech solutions into banking operations remains limited, with only a few fintech companies holding Account Information Service Provider (AISP) licenses and only one having launched its open banking service.

Hungarian consumers are showing increasing interest in open banking services. Studies indicate that 37% of Hungarian consumers are interested in receiving intelligent assistance to manage payments, 31% are interested in having their data used to develop convenient new payment methods, and 30% are interested in aggregating financial information and storing it in one place.

Overall, Hungary is digitally evolving, but open banking still lags behind Western Europe. Infrastructure exists, but market readiness must catch up.

Open Banking Adoption in Hungary

According to the 2024 Fintech and Digitalisation report, Hungary’s banks are moving from the middle-level digitalisation towards the higher lever, however, both corporate and personal use of PSD2 APIs remains low.

In terms of payment methods, contactless cards dominate, with cash still being the preferred payment method in-store, as well as cash-on-delivery for online orders. Mobile wallets like Google Pay and Apple Pay, are growing fast, particularly Google Pay on Android devices. Bank transfers have also evolved, thanks to the domestic Instant Payment System (AFR), enabling real-time, 24/7 transactions supported by local providers such as Barion and SimplePay.

Hungarian consumers express interest in smart finance tools (31–37%), yet actual account connections are rare. OTP, K&H, and Erste provide API access; however, recent developer feedback highlights inconsistencies and limited live usage. Aggregators like Aggreg8 (the first Hungarian AISP) offer data from multiple banks and handle compliance. In short, demand is growing, but widespread merchant adoption is still in its early stages.

Open Banking Providers in Hungary

Traditional channels, cards and bank transfers via the GiroHungar system, dominate. Banks like OTP, K&H, and Erste (with ACI integration since 2018) support instant balance info and payment initiation. Third-party gateway providers (e.g., SimplePay by OTP) support cards, as well as some PSD2 features, like bank payments. Global platforms like Stripe and Adyen operate primarily on cards, whilst real-time notifications from bank APIs are still in the process of maturing.

Key players providing open banking services in Hungary include:

• Local bank providers – Major banks like OTP Bank (Hungary’s largest commercial bank) have registered as regulated Account Information Service Providers (AISPs) under PSD2.
• Hungarian-licensed TPPs – A growing number of domestic third-party providers hold PSD2 licences, including names such as Aggreg8, KBOSS.hu, Recash Europe, Koin Europe, Nyíltbankolás, and Billingo Technologies.
• International aggregators – Companies like Salt Edge provide extensive bank coverage in Hungary, supporting major banks (OTP, K&H, UniCredit, Erste, Raiffeisen) with over 20 connected APIs.
• Noda – The innovative open banking platform integrates with all major Hungarian banks and 2,000+ banks across Europe. Noda’s single API delivers payment initiation and account information, and features like instant account verification.

Open Banking in Hungary – Final Thoughts

Hungary is at a pivotal juncture in its digital financial evolution. The groundwork laid by the implementation of the EU's PSD2 directive in 2018 has set the stage for open banking, but widespread merchant adoption remains on the horizon.

The Magyar Nemzeti Bank (MNB) has fostered innovation through initiatives like the regulatory sandbox, which has supported over 150 fintech projects since 2019. This proactive approach underscores Hungary's commitment to integrating fintech solutions into its financial ecosystem.

The fintech sector in Hungary has seen significant growth, with over 200 active companies (like SEON. Fraud Fighters or FintechX) as of 2024. These firms are increasingly focusing on digital payment and lending services, sectors that align closely with open banking initiatives.

Hungarian consumers are increasingly showing interest in open banking services. The younger generation’s readiness to embrace new technologies provides for a great groundwork to build open banking infrastructure in the future.

For businesses, particularly online merchants and fintech professionals, the current landscape presents a strategic opportunity. Partnering with flexible platforms like Noda can position companies ahead of the curve as open banking continues to gain traction in Hungary. By embracing open banking now, businesses can offer enhanced payment solutions, improve customer experiences, and stay competitive in an evolving market.

While Hungary's open banking ecosystem is still developing, the foundational elements are in place for significant growth. With supportive regulation, a burgeoning fintech sector, and growing consumer interest, Hungary is poised to expand its open banking landscape in the near future.

Expand to Hungary with Noda

Hungary’s digital landscape is evolving rapidly, and the time to capture its e-commerce potential with open banking is now. Hungary combines high internet penetration, booming e-commerce, and growing regulatory support, yet the use of open banking still trails behind EU peers, making now the ideal time to enter.

Why Choose Noda for Hungary?

• Full coverage of Hungarian banks
  Noda connects directly to Hungary’s leading banks, including OTP, K&H, Raiffeisen, and more, offering real-time account-to-account (A2A) payments and account data access through PSD2-compliant APIs.
• Instant payments, low fees
  Our open banking rails allow Hungarian merchants to receive payments instantly, while keeping transaction fees as low as ~0.1%, no card networks, no hidden costs.
• One integration, EU-wide reach
  Noda’s unified API lets you access over 2,000 banks across Europe, making it easy to scale beyond Hungary without the need for separate connections.
• Plug-and-play for eCommerce
  Get started fast with Noda’s ready-made modules for WooCommerce, Magento, OpenCart, Prestashop, or go custom with our clean API.
• Multi-rail support
  Combine open banking, cards, Apple Pay, and Google Pay in one smooth checkout flow, boosting conversion and customer choice.
• No-code tools
  Accept payments via links and QR codes without writing a line of code, perfect for fast-growing businesses and offline-to-online use cases.
• Dedicated support
  Our open banking onboarding and dedicated personal manager ensures your integration is seamless and tailored to your business’ needs and is available via phone, email or online chat.

Hungary is moving toward open banking – get ahead.

With rising fintech adoption, strong digital infrastructure, and growing regulatory support, the time to integrate open banking in Hungary is now. Book a free demo with Noda and tap into real-time payments, better margins, and local-first coverage.