What’s Behind the Bank Account? – Questions about Distinguishing Account Types
The essay presents a classification of the types of accounts maintained by financial entities and their different legal definitions. The colloquial term “bank account” can in fact encompass a variety of account types, including payment, deposit, client or electronic money accounts, each of which is...
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| Format: | Article |
| Language: | English |
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Magyar Nemzeti Bank (Central Bank of Hungary)
2025-06-01
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| Series: | Financial and Economic Review |
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| Online Access: | https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-24-2-e1-kiss.pdf |
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| _version_ | 1850107861627043840 |
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| author | Milán Kiss |
| author_facet | Milán Kiss |
| author_sort | Milán Kiss |
| collection | DOAJ |
| description | The essay presents a classification of the types of accounts maintained by financial entities and their different legal definitions. The colloquial term “bank account” can in fact encompass a variety of account types, including payment, deposit, client or electronic money accounts, each of which is subject to distinct regulatory rationales and operating principles. The classification of accounts also determines the prudential measures applicable, the necessary authorisations, the requirements for IT systems and the responsibilities of service providers. The essay delineates the evolution of EU financial regulation, emphasising the significance of the Lamfalussy framework and the role of EU regulations in the development of the prevailing financial institutional system. Accurate accruals are of particular importance for financial sector actors. The type of account has a fundamental impact on the feasibility of the business model and regulatory compliance. |
| format | Article |
| id | doaj-art-cae8f0221a814ff2b3d14a0677ca057b |
| institution | OA Journals |
| issn | 2415-9271 2415-928X |
| language | English |
| publishDate | 2025-06-01 |
| publisher | Magyar Nemzeti Bank (Central Bank of Hungary) |
| record_format | Article |
| series | Financial and Economic Review |
| spelling | doaj-art-cae8f0221a814ff2b3d14a0677ca057b2025-08-20T02:38:29ZengMagyar Nemzeti Bank (Central Bank of Hungary)Financial and Economic Review2415-92712415-928X2025-06-0124213215210.33893/FER.24.2.132What’s Behind the Bank Account? – Questions about Distinguishing Account TypesMilán Kiss0https://orcid.org/0009-0004-4285-3500University of Miskolc, BinX Zrt.The essay presents a classification of the types of accounts maintained by financial entities and their different legal definitions. The colloquial term “bank account” can in fact encompass a variety of account types, including payment, deposit, client or electronic money accounts, each of which is subject to distinct regulatory rationales and operating principles. The classification of accounts also determines the prudential measures applicable, the necessary authorisations, the requirements for IT systems and the responsibilities of service providers. The essay delineates the evolution of EU financial regulation, emphasising the significance of the Lamfalussy framework and the role of EU regulations in the development of the prevailing financial institutional system. Accurate accruals are of particular importance for financial sector actors. The type of account has a fundamental impact on the feasibility of the business model and regulatory compliance.https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-24-2-e1-kiss.pdfbank accountpayment accountfinancial institutionsregulation |
| spellingShingle | Milán Kiss What’s Behind the Bank Account? – Questions about Distinguishing Account Types Financial and Economic Review bank account payment account financial institutions regulation |
| title | What’s Behind the Bank Account? – Questions about Distinguishing Account Types |
| title_full | What’s Behind the Bank Account? – Questions about Distinguishing Account Types |
| title_fullStr | What’s Behind the Bank Account? – Questions about Distinguishing Account Types |
| title_full_unstemmed | What’s Behind the Bank Account? – Questions about Distinguishing Account Types |
| title_short | What’s Behind the Bank Account? – Questions about Distinguishing Account Types |
| title_sort | what s behind the bank account questions about distinguishing account types |
| topic | bank account payment account financial institutions regulation |
| url | https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-24-2-e1-kiss.pdf |
| work_keys_str_mv | AT milankiss whatsbehindthebankaccountquestionsaboutdistinguishingaccounttypes |