Overview

About FPS

The Faster Payment System (FPS) is a payment financial infrastructure introduced in 2018 by the Hong Kong Monetary Authority (HKMA) and operated by Hong Kong Interbank Clearing Limited (HKICL) to enable instant payments in Hong Kong, providing consumers and merchants a safe, efficient and widely accessible retail payment service on a 24/7 basis.  FPS offers individuals and businesses a new choice and experience for making payments in multiple currencies – Hong Kong dollar (HKD) and Renminbi (RMB) – in real time.  FPS is put in place to achieve the following objectives:

 

  • Enhancing payment convenience and efficiency in Hong Kong
  • Providing an open platform for payment service providers
  • Strengthening financial stability in Hong Kong
  • Reinforcing Hong Kong’s status as an international financial centre

Benefits of FPS

 

  • Safe – designated system under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO)
  • 24/7 real time retail payment service
  • Multiple currencies – HKD and RMB
  • Payments across different banks and stored-value facilities made possible
  • Choice to input the recipient’s mobile phone number or email address rather than account number to send a payment
  • Direct debit payment authorized electronically

Roles and legal status

 

Settlement institution of Hong Kong dollar Faster Payment System (HKD FPS)

The Hong Kong Monetary Authority (HKMA) provides the book for settlement of HKD FPS payments.

 

Settlement institution of Renminbi Faster Payment System (RMB FPS)

Bank of China (Hong Kong) Limited provides the book for settlement of RMB FPS payments.

 

System operator of HKD FPS and RMB FPS

Hong Kong Interbank Clearing Limited (HKICL) operates both the HKD FPS and RMB FPS.

 

Designation under the Payment Systems and Stored Value Facilities Ordinance in Hong Kong

HKD FPS and RMB FPS are designated by the Monetary Authority under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO), Cap 584 of the Laws of Hong Kong, as part of the Hong Kong Dollar Clearing House Automated Transfer System (HKD CHATS) and Renminbi Clearing House Automated Transfer System (RMB CHATS) respectively.  Participants of HKD FPS and RMB FPS enjoy the finality of settlement conferred by PSSVFO to such system for payments settled in the systems according to the operating rules of the individual systems.  The designated FPS systems are overseen by the Monetary Authority on a continuing basis for complying with safety and efficiency requirements.