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Important note: the information on this page is no longer applicable, please refer to our latest communication on 12 June 2019.

Hong Kong SAR account holders: Faster Payment System for ACH Credit payments coming on 15 July 2019

Last updated: 2 May 2019

After the launch of the Faster Payment System (FPS) in Hong Kong SAR in September 2018, there is an industry-wide initiative led by Hong Kong Interbank Clearing Limited (HKICL) to migrate ACH payment processing to the FPS.

As of 15 July 2019, ACH Credit payments from your accounts in Hong Kong SAR will be processed via the FPS. You'll also see our enhanced ACH Credit screens on HSBCnet.

Please note, ACH Debit payment processing will also be migrated to the FPS later following the overall industry migration. We'll notify you about this change in due course.

What this means for you

As of 15 July 2019:

  • Any ACH Credit payment that you submit from your accounts in Hong Kong SAR will be processed via the FPS.

  • When you make an ACH Credit payment, you'll have the option to send funds to your beneficiary's alias instead of their account number.

  • If you choose to send funds to your beneficiary using their account number, the 'Beneficiary name' field will also become mandatory in your ACH Credit instructions. You're responsible for ensuring that the name of the beneficiary that you input in your payment instructions is identical to their name registered with the beneficiary bank. This is to minimise risks of your ACH payment being rejected by the beneficiary bank due to a mismatch of the beneficiary name.

  • Your ACH Credit payment can be valued for the same day (Monday to Friday, excluding public holiday). In other words, funds will be debited from your account when HSBC or Hang Seng Bank receives your authorised payment instructions on the same day. Please ensure that your bank account has sufficient funds for your payment.

Review important information about ACH FPS payments. >

Find out more

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

 

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