Hong Kong Faster Payment System (FPS) important reminders

Last updated: 19 November 2018

As previously announced, we have updated HSBCnet to support the new Faster Payment System (FPS) in Hong Kong. The Faster Payment System is a 24/7 payment system which supports real-time domestic HKD and RMB funds transfers.

What does this mean for me?

With the Faster Payment System, you can send and receive payments faster and more efficiently. You can make real-time domestic funds transfers to any bank in Hong Kong anytime, anywhere.

As funds transfers via the Faster Payment System can be made using an alias, there’s no need to disclose your bank account number to your payor and you only need to know your payees’ alias (mobile number, email address or FPS ID) to make a payment.

What to consider when creating payments on HSBCnet:

	What to input:
Field name	for CHATS payments	for FPS payments
Beneficiary bank	The beneficiary bank’s SWIFT BIC code	The beneficiary bank’s 3-digit local clearing code
Beneficiary account number	Actual account number	Please verify with your beneficiary if the actual account number can be used to accept FPS payments. If yes, please input the actual account number without hyphen or space.
Purpose of payment	Not applicable	Select the appropriate code from the drop-down list.

What are the differences between sending Priority Payments via Faster Payment System and CHATS?

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

Overview of Faster Payment System (FPS) services on HSBCnet >

Find out more

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