In July KELER carried out the market test for its new system BaNCS. During the testing several issues were identified and these required modifications in the new system of KELER. After the completion of these modifications, new or amended specifications were published by KELER, to which the direct participants of KELER (like UniCredit Bank Hungary) had to adjust their systems as well.
As a result of the above, further testing became necessary to ascertain whether the system works as envisaged following the recent changes. This market-wide testing is scheduled between 16 August 2016 and 26 August 2016, when all market participants are expected to test again the full scale of the features that they will be using in the new system.
After this two-week market testing period, KELER will consult with its participants on their experience and on the results from the tests and will take the outcome of this consultations into consideration when it making its final decision whether to go live with the system on 3 October 2016 or to postpone further the implementation date.
If the go live date remains 3 October 2016, then this two-week testing period will also qualify as certification period. The certification is needed in order to evaluate whether KELER participants and KELER itself are ready for the new system. Thus, the testing results will be evaluated by KELER on participant by participant basis and the outcome will be published accordingly.
Impact on investors: No direct impact on investors at this time, market tests will involve local market participants only