What is the Faster Payment System (FPS)?
The FPS is one of seven initiatives announced by the HKMA to prepare for a new era of smart banking. This system operates on an around-the-clock basis, connecting banks and stored-value facility (SVF) operators on the same platform. This essentially means your funds can now be transferred anytime, anywhere, across different banks and the funds are received almost immediately.This system is now available for personal customers looking to make payments of Hong Kong Dollars (HKD) from a Hong Kong bank account to OFX, and the funds will be received within a fraction of the time.1