The decision to set up a clearing house with a modern interbank electronic settlement system meeting the requirements posed by a new two-tier banking system was made in December 1987.
GIRO Zrt. was established in December 1988 by 12 financial institutions including the National Bank of Hungary. The company was founded with a share capital of HUF 504 million, subsequently increased by the company's shareholders to HUF 2,496 million. Currently, the company is a wholly owned subsidiary of the National Bank of Hungary.
Between 1988 and 1994 GIRO Zrt. was working on the development of a clearing system that serves the interests and satisfies the requirements of the financial institutions, and which keeps the risks of the settlement system low. GIRO Zrt. also took part in the co-ordination of interests and in the implementation of the new clearing system.
The company launched its clearing service on November 18, 1994. In 2012 GIRO Zrt. introduced a new intraday clearing platform for credit transfers with 5 clearing cycles. In 2015 GIRO increased the number of cycles on this platform from 5 to 10, therefore during working hours credit transfers reach the beneficiaries’ bank accounts within one hour on an average.
GIRO Zrt. is a member of the European Automated Clearing House Association (EACHA).