Banking Definitions

CHATS

The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited, a private company jointly owned by the Hong Kong Monetary Authority and the Hong Kong Association of Banks.

Faster Payment System (FPS)

To address the increasing market needs for more efficient retail payment services, the HKMA has launched the Faster Payment System (FPS) on 17 September 2018. All banks and e-wallet operators in Hong Kong can participate in the FPS. The FPS enables their customers to make cross-bank/e-wallet payments easily, by entering the mobile phone number or the email address of the recipient, with funds available to the recipient almost immediately. The FPS operates on 24x7 basis and supports payments in the Hong Kong dollar

SWIFT

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a network that allows banks to communicate financial information securely. Most banks and building societies offer SWIFT payments for international fund transfers. SWIFT payments involve a series of banks that work together to ensure your funds are in the right place. You can think of it like making a journey yourself - if there isn't a direct flight to your destination, you might take a series of connecting flights to get there. In the same way, your SWIFT payment can end up being moved between one and three correspondent (or intermediary) banks before reaching your recipient. SWIFT payments are the most common choice for high-street banks making international payments, but they're not necessarily the cheapest or fastest option.