(FPS) Payment Primer for Faster Payment System

(FPS) Payment Primer for Faster Payment System

To address the increasing market needs for efficient retail payment services, HKMA/HKICL launched Faster Payment System (FPS) on 17 September 2018.  Banks and stored value facilities (“SVF”) in Hong Kong participate in the FPS that enables their customers to make cross-bank/SVF payments easily with funds transferred to the recipient almost immediately.  The FPS operates on 24×7 basis and supports payments in Hong Kong dollar and Renminbi.

Payment Primer, Kofill’s flagship product for Faster Payment System, is a bridge between Customer Database Transaction and Faster Payment System (provided by HKICL). As launched by HKICL, FPS message format is in XML format embedding ISO20022 payment messages as payload.

Payment Primer code and decode FPS message envelope and deal with digital signature required. Interface with Customer Database Transaction with pure ISO 20022 XML messages. It also integrates with IBM MQ and Connect:Direct for XML file sending/receiving.

In addition, for Customer Database Transaction that does not accept or generate ISO 20022 XML messages, Payment Primer translates ISO 20022 XML to different file formats (Test, CSV, XML, JSON and etc.) and vice versa for interfacing.

The industry-wide launch date of both HKD and RMB FPS Cross-border Payment Services under the FPS 2022 October Release will be postponed from 30 October 2022 to April 2023 tentatively. And Payment Primer version 2.0 is available for the FPS 2022 October Release.