Standard Chartered Bank (Hong Kong) Limited today announced that it has become one of the first batch of banks in Hong Kong launching the Faster Payment System (FPS) cross-border payment service for offshore financial institutions and PayTech firms, supporting payments with transaction amount up to HKD/CNY 1 million in a real-time and 24×7 manner.

With this new service coming into effect immediately, SCBHK can help non Hong Kong-based financial institutions and PayTech firms to make cross-border payments to local entities through FPS which allows real-time, 24×7 settlement throughout the year, including public holidays.

Meanwhile, payments with amount over 1 million in HKD or CNY will continue to be settled through the Real-Time Gross Settlement (RTGS) system.

In this new model, SCBHK serves as a correspondent bank to receive cross-border payments from offshore financial institutions and PayTech firms through SWIFT, and then SCBHK makes credit transfers to the local end-recipients through FPS instead of RTGS as the conventional channel.

Anthony Lin, Head of Transaction Banking, Hong Kong and Greater China & North Asia, and Global Head of Market Management, Standard Chartered, said:

“SCBHK is proud to be one of the first batch of banks in Hong Kong to introduce this FPS cross-border payment service, facilitating fast, convenient, round-the-clock and secure cross-border payment settlement in lower costs for offshore financial institutions and PayTech firms. This again exemplifies our outstanding role as a ‘super connector’ bank that is well-positioned to support clients’ cross-border banking needs. The new FPS capability also further consolidates the status of Hong Kong as an international financial centre, effectively enhancing the efficiency and settlement hours of low-value cross-border HKD and CNY payments.”