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HKMA's Faster Payment System (FPS) will be a game changer

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  1. #1

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    HKMA's Faster Payment System (FPS) will be a game changer

    HKMA’s Faster Payment System will be a game changer
    https://fps.hkicl.com.hk/eng/fps/
    https://youtu.be/PDwkADGn9PM

  2. #2

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    actually i really don't see how much changes it would to the system.

    - between corporate/banks, ya maybe some benefit of instant payment, 24/7 availability.. but that introduces uncertainty of daycounting and interest computation, but fine we say its better

    - between internet banking consumers, where payment is currently 1~2 days slower if done via online banking... is it going to change anything ?

    - between face to face consumers, where currently the payme app from HSBC is actually quite useful in terms of payment... in payme the payme wallet allows almost instantaneous payment, whereas if you link it to FPS it will take you another 10~20s of confirmation and the apps have to be linked to your banking account fully. my guess, payme would probably be preferred by most users as it has less chance of bank account being compromised..


    someone suggest me something that can be done via FPS that will make it game-changing?


  3. #3

    Nice, I wonder if it has an API as well to integrate it with other Apps, but I don't see anything on their website.


  4. #4

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    Quote Originally Posted by civil_servant:
    Nice, I wonder if it has an API as well to integrate it with other Apps, but I don't see anything on their website.
    Interbank clearing I assume. Apps would communicate with their banks / payment providers I assume and not directly to the HKMA system?
    TheBrit likes this.

  5. #5

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    Are transfers free for business accounts as well?


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    - thats a minefield out there... thanks. Will have to look at it.

    For example, it may allow users of online discussion forums and social media platforms to obtain information about products and services of banks for comparison and analysis.

  7. #7
    Quote Originally Posted by shri:
    - thats a minefield out there... thanks. Will have to look at it.
    Insta-payments per post.

  8. #8

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    Quote Originally Posted by civil_servant:
    Insta-payments per post.
    Let me know when the Central office is hooked in and I'll whitelist you guys on our new API.

  9. #9
    Quote Originally Posted by shri:
    Let me know when the Central office is hooked in and I'll whitelist you guys on our new API.
    We don't require whitelisting.
    shri likes this.

  10. #10

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    Tried it today from my SCB account to helper's TNG account.

    Tiny bit cumbersome. First time round I had to type in helper's number in international format (HK format rejected) and then it worked. Couldn't not pay cents though. Second time, app asked to access my contacts and then was able to search contacts.

    In terms of payment, super quick (well pretty much instant).

    Glad this has finally come on board. So far happy with the one time I've used it.


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