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November 7, 2017

SWIFT to support Hong Kong’s instant payments system

By Shruti T

Interbank messaging service SWIFT will launch an enterprise messaging and gateway solution for the Hong Kong Faster Payments System (FPS) that will be introduced in September 2018.

The solution will allow banks in Hong Kong to leverage a single platform, Alliance Messaging Hub (AMH), to connect to FPS using ISO 20022-based financial messages.

AMH is a layer which allows financial institutions to connect to other non-SWIFT networks and includes gateway to FPS, as well as other gateways and APIs.

Currently, global and local banks in Hong Kong participating in FPS depend on SWIFT for domestic and cross-border payments.

SWIFT head of payments APAC Michael Moon said: “Globally, SWIFT supports over 100 payment systems and thousands of financial institutions safely, securely and reliably process payments using SWIFT. Our customers experience complexity when connecting to different payment systems and value the standardisation and re-use of services that SWIFT provides.

“Additionally, next generation payment systems are faster, information rich and available on a 24-7 basis. Together with deep payment messaging standards expertise and re-use of existing SWIFT interface services we’re able to reduce the cost of change for our customers and help them rapidly introduce these next-generation payment services, such as the FPS in Hong Kong.”

SWIFT is presently connecting over 200 banks to the territory’s four RTGS systems and has also supported ISO 20022 messaging standards finalisation for FPS.

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