【FPS】Business news! Standard Chartered launches the "Cross-Border Payment Service" — real-time, 24x7 settlement, with a limit of 1 million yuan

Standard Chartered Hong Kong announced that it will become one of the first banks in Hong Kong to launch the “FPS” cross-border payment service, providing overseas financial institutions and payment technology companies with instant and around-the-clock 24x7 payment transaction services, with a limit of HKD or RMB 1 million. Lin Yuandong, Head of Financial Markets Trading in Greater China and North Asia at Standard Chartered Hong Kong, said that the new service will provide overseas financial institutions and payment technology companies with faster and more convenient cross-border payment settlement, available 24/7, with enhanced security and lower costs.

Under the new model, Standard Chartered Hong Kong, acting as the correspondent bank, will receive cross-border payment funds from overseas financial institutions and payment technology companies via the Society for Worldwide Interbank Financial Telecommunication (SWIFT), and then make payments to local beneficiaries through “FPS,” replacing the traditional route through the “Real-Time Gross Settlement (RTGS)” system.

Effectively improving the efficiency of small-value cross-border payments

Lin said that Standard Chartered is honored to be one of the first banks in Hong Kong to roll out this “FPS” cross-border payment service, further highlighting its role as a “super connector” and taking advantage of this to meet clients’ needs for cross-border banking services. This new “FPS” capability also further strengthens Hong Kong’s position as an international financial center, effectively improving the efficiency of small-value cross-border payments in Hong Kong dollars and offshore RMB, and extending settlement hours.

As for payments above HKD or RMB 1 million, transactions will continue to be processed through the “Real-Time Gross Settlement (RTGS)” system.