New in­stant pay­ment sys­tem in Hong Kong

Banking Frontiers - - News -

The Hong Kong Mon­e­tary Au­thor­ity (HKMA) has launched a round-the-clock in­stant pay­ment sys­tem, called the Faster Pay­ment Sys­tem (FPS) as a fin­tech up­grade for re­tail pay­ments in the coun­try. HKMA had said the new plat­form will al­ways be on­line and con­nect to banks and stored-val­ued fa­cil­ity (SVF) op­er­a­tors. Some 21 banks in­clud­ing the ma­jor­ity of re­tail banks and 10 SVFs are par­tic­i­pat­ing in the ini­tia­tive. With FPS, res­i­dents are able to trans­fer funds in real-time across banks and SFVs par­tic­i­pat­ing in the sys­tem by sim­ply us­ing the email ad­dress or num­ber of the re­cip­i­ent in­stead of a bank ac­count num­ber. Two cur­ren­cies are cur­rently sup­ported on the plat­form - the Hong Kong Dol­lar and China’s fiat cur­rency Ren­minbi for set­tle­ments in the main­land. HKMA will op­er­ate the book of set­tle­ment for HKD pay­ments while Bank of China (Hong Kong) per­forms the same role for RMB pay­ments. The Hong Kong In­ter­bank Clear­ing Lim­ited will take up the man­tle as the en­tire sys­tem’s op­er­a­tor.

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