Hong Kong SAR accounts: launch of Faster Payment System for ACH Credit payments is postponed

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Hong Kong SAR accounts: launch of Faster Payment System for ACH Credit payments is postponed

Hello,

Since our last communication sent to you on 15 April 2019 related to the migration of autoPay Out (ACH Credit) payments processing to the Faster Payment System (FPS) in Hong Kong SAR, the industry has received various feedback from the public in the past months, including concerns about payments being rejected by beneficiary banks due to beneficiary name mismatch after the migration.

In view of this, the Hong Kong Association of Banks, together with Hong Kong Interbank Clearing Limited and Hong Kong Monetary Authority, are working on a revised migration approach to move back the migration timeline to January 2021 or later. The objective is to give you more time to prepare for the change regarding data quality improvement and technical development.

The details on the new approach and timeline will be further communicated in due course. In the meantime, the current clearing system (ECG autocredit) will continue processing your autoPay Out payments until further notice.

What this means for you

The earlier migration date of 15 July 2019 previously communicated to you is no longer applicable.

Your ACH Credit payments experience will remain the same as today and will continue to be processed via the existing clearing system (ECG autocredit) until further notice.

Payment file instruction formatting, cut-off times, value dates, processing cycles, reporting, etc. will remain the same.

What you should do

To get yourself prepared for the migration, we recommend that when you onboard a new payee (e.g. vendor, employee), you make a record of the beneficiary information and verify against the information on the beneficiary’s banking statement. The beneficiary information in your record should be identical to that on the beneficiary’s bank statements.

Update on ACH Debit payment processing under FPS

With a view to improving our payment infrastructure in Hong Kong, the existing autoPay In (also known as Direct Debit) payment infrastructure is planned to be migrated to FPS in 2020. The tentative implementation timeline is scheduled for the second quarter of 2020. To make sure you’re prepared for this migration, we will advise you on the specific updates and changes in the coming months.

If you have any questions, please contact your local HSBCnet Support Centre.

Sincerely,

Your HSBCnet team

Please do not reply to this email.

The postal address for related inquiries is:
HSBC - GLCM Digital
8 Canada Square
London UK E14 5HQ

This communication is provided by HSBC Bank plc on behalf of the member of the HSBC Group that has contracted with your organisation for the provision of HSBCnet services. You received this email notification because you are a registered User of HSBCnet. Should you have any concerns regarding the validity of this message, please contact your local HSBCnet customer support.

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Having trouble reading this email? View the online version.


	Hong Kong SAR accounts: launch of Faster Payment System for ACH Credit payments is postponed Hello, Since our last communication sent to you on 15 April 2019 related to the migration of autoPay Out (ACH Credit) payments processing to the Faster Payment System (FPS) in Hong Kong SAR, the industry has received various feedback from the public in the past months, including concerns about payments being rejected by beneficiary banks due to beneficiary name mismatch after the migration. In view of this, the Hong Kong Association of Banks, together with Hong Kong Interbank Clearing Limited and Hong Kong Monetary Authority, are working on a revised migration approach to move back the migration timeline to January 2021 or later. The objective is to give you more time to prepare for the change regarding data quality improvement and technical development. The details on the new approach and timeline will be further communicated in due course. In the meantime, the current clearing system (ECG autocredit) will continue processing your autoPay Out payments until further notice. What this means for you The earlier migration date of 15 July 2019 previously communicated to you is no longer applicable. Your ACH Credit payments experience will remain the same as today and will continue to be processed via the existing clearing system (ECG autocredit) until further notice. Payment file instruction formatting, cut-off times, value dates, processing cycles, reporting, etc. will remain the same. What you should do To get yourself prepared for the migration, we recommend that when you onboard a new payee (e.g. vendor, employee), you make a record of the beneficiary information and verify against the information on the beneficiary’s banking statement. The beneficiary information in your record should be identical to that on the beneficiary’s bank statements. Update on ACH Debit payment processing under FPS With a view to improving our payment infrastructure in Hong Kong, the existing autoPay In (also known as Direct Debit) payment infrastructure is planned to be migrated to FPS in 2020. The tentative implementation timeline is scheduled for the second quarter of 2020. To make sure you’re prepared for this migration, we will advise you on the specific updates and changes in the coming months. If you have any questions, please contact your local HSBCnet Support Centre. Sincerely, Your HSBCnet team



Please do not reply to this email. The postal address for related inquiries is: HSBC - GLCM Digital 8 Canada Square London UK E14 5HQ This communication is provided by HSBC Bank plc on behalf of the member of the HSBC Group that has contracted with your organisation for the provision of HSBCnet services. You received this email notification because you are a registered User of HSBCnet. Should you have any concerns regarding the validity of this message, please contact your local HSBCnet customer support. We maintain strict security standards and procedures to prevent unauthorised access to information about you. HSBC will never contact you by email or otherwise ask you to validate personal information, such as your Username, Password or account numbers. If you receive such a request, please call your local HSBCnet customer support. Links within our emails will only take you to information pages. If you wish to unsubscribe from receiving service information from HSBCnet, please click here. © Copyright. HSBC Bank plc 2019. All rights reserved. Privacy & Data Protection Statement \| Terms & Conditions