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The operation instructions of Faster Payment System (FPS)
The operation instructions of Faster Payment System (FPS)

1. What is the 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 and the RMB. 

 

2. Advantages of FPS.

1) Security

2) Instant: Funds available to the recipient almost immediately

3) 7*24: Real-time retail payment service 24 hours a day

4) Multi-currency: Supports payments in the Hong Kong dollar and the RMB. 

5) Easy to operate: Make cross-bank/e-wallet payments easily


3.  How to imitate a transfer via FPS?

1) Sign in your bank account

2) Click "Fund Transfer" > chose "Bank account"

3) Fill in the remittance information. 

 

4. Estimated time that deposit requires to settle

Deposit Notification TimeHandling of deposit
09:00 HKT - 15:00 HKT during business daysWithin 3 hours after notification
Other timeBefore 10:00 am HKT on the next business day

 

5. Does FPS charge any fee for its use?

Webull does not charge any fees for deposits. Please contact your banks or e-wallet operators for information on fees regarding fund transfer services.

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