More than 19,000 businesses have registered for BUPA so far in Hungary. In addition to the entire branch network of Budapest Bank, company leaders can also get acquainted with BUPA in six MKB Bank branches and, from January, in seven designated branches of Takarékbank. The service takes the administrative and invoicing burden off the shoulders of SME leaders. Magyar Bankholding also aims to extend its most popular member bank products and services to its entire network.
In addition to the national branch network of Budapest Bank, BUPA has also been promoted in some branches of MKB Bank since autumn and from January in some branches of Takarékbank in Budapest and the countryside: in addition to Budapest, Hungarian company executives can also meet the service in Győr, Szeged, Debrecen, Salgótarján, Szolnok, and Pécs.
The service is one of the first financial assistants on the market that, when linked to a Budapest Bank account, allows customers to settle their accounts in addition to opening and receiving them, all within one interface. Tracking income and expenses, up-to-date current account balances, and the ability to keep an eye on the cash flow of the business and financial planning are also greatly assisted. Another advantage of the product is that it can be used to easily comply with the NAV (National Tax and Customs Office) reporting obligation, as the program automatically sends the issued invoice to the tax authority. The service is available not only to company managers but also to accountants so that they can have up-to-date information on company finances.
„Our short-term goal is to make BUPA interconnectable with the internet banks of all three Magyar Bankholding member banks; in time, we will connect it with the other major domestic banks. The popularity of the product is demonstrated by the fact that since its launch, more than 19,000 businesses have already joined BUPA and more than 130,000 invoices have been issued through the digital platform, worth nearly HUF 57 billion. By establishing a banking relationship with domestic financial institutions, hundreds of thousands of small businesses will benefit from the full service of the financial assistant” – said Dr. Beatrix Mészáros, deputy CEO for subsidiaries of Magyar Bankholding.
According to the plans of Magyar Bankholding, the first significant step of the triple bank fusion, the merger of Budapest Bank and MKB Bank will take place on March 31, 2022. Takarék Group will join the merger by the end of the second quarter of 2023.
The banking group aims to exploit synergies by extending selected products and services of its member banks to its entire network. As a significant step in this direction, the MKB Széchenyi Recreation (SZÉP) Card has been available in the entire branch network of Magyar Bankholding since November. As a further important milestone of the unification, the leasing companies of the banking group are operating under the Euroleasing brand since January 1, 2022, under common management and in an integrated manner.
Source: Bank`s press release from February 01, 2022
