Overview of Hong Kong Faster Payment System services on HSBC <title>Overview of Hong Kong Faster Payment System (FPS) services on HSBCnet

Overview of Hong Kong Faster Payment System (FPS) services on HSBCnet

The Faster Payment System is a 24/7 payment system which supports real-time domestic HKD and RMB funds transfers. It also provides you with an additional option to send and receive HKD and RMB funds locally using an alias (also known as a proxy ID), instead of using bank account numbers.

What’s changing on HSBCnet?

Priority Payments via FPS
When you create a Priority Payment instruction from a Hong Kong-domiciled HKD or RMB account, you will see updated fields as below:

Create payments using the 'Alias' option:
You’ll be able to choose how to input your beneficiary information, using either the Beneficiary details or the new ‘Alias’ feature.

Intuitive fields:
As you complete the payment details, we’ll help you by selecting the Faster Payment System service automatically based on the criteria you’ve entered, including the payment amount.

Mandatory Purpose of Payment (Priority Payments only):
You will be required to input a purpose for the payment by selecting an option from the drop-down list in the ‘Purpose of payment’ field.

New Alias Management service for FPS:
You can register your email address, mobile number, or a FPS-generated ID as your alias on HSBCnet to receive payments via the Faster Payment System.

Overview of steps for registering your aliases on HSBCnet:

Assign user permissions for the Alias Management service
System Administrators must set up user permissions for those individuals responsible for registering aliases for your accounts. You can do this via the ‘Alias Management’ link under the General Services section of the Maintain User Access Level screen, where you can give users ‘Prepare’ and ‘Approve’ access.

Register your aliases:
Users who have the proper permissions (per Step 1 above) can register aliases for your Hong Kong-domiciled HKD and RMB accounts via the Alias Management service, available under the User and Account Management tab in HSBCnet.

For detailed instructions on how to register your aliases on HSBCnet, please refer to the Alias Management User Guide in the HSBCnet Help Centre.

Alias Management Frequently Asked Questions >

HSBCnet File Upload service:
There is an enhanced payment file specification for sending Faster Payment System fund transfers. If you plan to submit Priority Payment files for such payments through the HSBCnet File Upload service or HSBC Connect, please contact your local HSBCnet Support Centre or your Client Service Manager for more details.
Payment Advising:

• MOBILE PHONE NUMBER for mobile number
• EMAIL ID for email address
• FPS IDENTIFIER for Faster Payment System Identifier

HSBCnet Account Information
We’re introducing new statement narratives and transaction codes for transactions that will be processed through the Faster Payment System. The enriched information will help you identify your transactions more easily.

Statement Reporting:
If you have an automated account reconciliation process in place for your HKD and/or RMB accounts in Hong Kong, detailed information on new statement narratives is available here.

More information about FPS payments:

What are the differences between sending Priority Payments via Faster Payment System and CHATS (the existing real-time gross settlement (RTGS) system in Hong Kong)?
	Priority Payments
	Via CHATS	Via the Faster Payment System
Service availability	Monday – Friday : 9:00 to 17:45 (HK Time) Excludes Public Holiday	Monday – Sunday: 24 hours
Processing time	Same day, but may take up to a few hours	Real-time
Supported payment currencies	HKD, RMB, USD and EUR	HKD and RMB
Beneficiary information option	Bank account number	Bank account number or alias
Maximum payment amount threshold* *subject to the transaction limit set by your organisation	No limit	HKD 1 million per HKD currency fund transfer RMB 1 million per RMB currency fund transfer