fast payment system fast payment system
DBS FPS for Corporates
now open for business
  • You can make and receive instant payments in Hong Kong using FPS. Now, log in to IDEAL to register your Proxy ID for receiving FPS payments.
Log in to IDEAL Now

DBS FPS For Corporates

Starting 30 September 2018, you can make instant payments using FPS in Hong Kong through IDEAL.

FPS is the Faster Payment System launched in Hong Kong to enable 24x7 real time fund transfers between bank accounts in Hong Kong. With FPS, payments can be made with a Proxy ID (email address / mobile phone number / an identifier assigned by FPS (i.e. FPS ID1)) or QR code, in addition to the conventional way of using bank account number.

If you choose to receive payments with a proxy ID, registration is required. Now, log in to IDEAL to register your Proxy ID and get ready to use Proxy ID to receive FPS payments for your business!

Enjoy fee waivers for FPS payments and receipts between 30 September 2018 and 31 December 2018*!
*Please refer to FPS Bank Charges Schedule (corporate customers) for respective product pricing details.

1FPS ID is a unique random number generated by FPS to be associated with your account and can be requested through IDEAL.

Why FPS

Instant
secure

Save time and benefit from 24x7 instant payments.

Simple
simple

Make payments to individuals and businesses with no account numbers required!

Seamless
seamless

Use of QR code to facilitate instant payments.

For using Proxy ID to receive FPS payments, you need to…

Step 1: Log in to DBS IDEAL

Log in to IDEAL or IDEAL Mobile App for proxy registration.

Step 2: Register your Proxy ID

Register your desired Proxy ID (email address / mobile phone number / FPS ID) with your DBS account.

Step 3: Receive confirmation

A confirmation will be sent to you via SMS or email after proxy registration is done.

With FPS and Proxy ID, you’re able to…

receive
step1
STEP 1
Register your Proxy ID with your DBS account.
step2
STEP 2
Provide your registered Proxy ID or QR code* to your payers through your website, other online channels, or your invoices.
step2
STEP 3
View FPS transactions on IDEAL account activity and bank statements.
Useful for
  • Merchant / Bill Payments
  • Invoice Payments

*Generated by merchant.

pay
step1
STEP 1
Pay to other businesses or individual consumers by using their registered Proxy IDs, i.e. email address / mobile phone number / FPS ID, or by scanning QR code provided by your payee.
step2
STEP 2
Check status of the transactions in IDEAL.
Useful for
  • Business / Invoice Payments
  • Claims / Ad hoc Payments

Note: You can make and receive FPS payments using bank account number and registration is not required. If you choose to receive payments with a proxy ID, then registration is required.

Frequently Asked Questions

What is FPS?

FPS is a faster payment system launched in Hong Kong to enable 24 x7 real time fund transfers between bank accounts in Hong Kong.

Can I make FPS payments?

Corporate customers with DBS business accounts can make FPS payments via IDEAL. 

Is what currency can I make FPS payments?

DBS supports FPS payments denominated in Hong Kong dollar (HKD) and Renminbi (RMB).

What payee information do I need to make a FPS payment?

You will need payee bank details and bank account number, or alternatively the Proxy ID shared with you by the payee, for making FPS payment. 

What is a FPS Proxy ID?

FPS supports proxy identifier (Proxy ID) such as mobile phone number, email address or FPS ID (an identifier assigned by FPS upon registration) for account identification in addition to the conventional way of using bank account number. 

How can I register for a FPS Proxy ID?

You can log in to IDEAL / IDEAL Mobile App for proxy registration.  Once the proxy registration has been processed successfully, a confirmation will be sent to you via email or SMS. 

Is Proxy ID mandatory for FPS transactions?

You can make FPS payment to a Proxy ID or an account number. If you choose to use your email address, mobile phone number, and FPS ID for receiving FPS payments, proxy registration is required for account identification.  You can also choose to use your DBS account number for receiving FPS payments, and proxy registration is not required. 

What types of DBS accounts can I link my Proxy ID to?

You can register Proxy ID with your HKD / RMB Current and Savings Account, and Multi-Currency Account with DBS. 

Can I link multiple Proxy IDs to the same DBS account?

You can register multiple Proxy IDs with the same DBS account.  

Can I link the same Proxy ID to accounts with different banks?

If you choose to use email address / mobile phone number as Proxy ID, you can register the same Proxy ID with different accounts with multiple participating banks, through the bank with which your account is maintained respectively.  The registration of FPS ID is restricted to one account of one bank only.

Where will I receive the payment if I register the same Proxy ID with multiple participating banks?

If you register the same Proxy ID with different banks, you will need to choose one of your bank accounts as your default bank account upon registration for account identification to receive FPS payment.  When your payer pays to Proxy ID without your bank details, the payment will be made to your default bank account.  When your payer provides your designated bank details together with your Proxy ID to make payment, the payment will be made to your designated bank account. 

Can I register Proxy ID for my subsidiary’s account with DBS?

You can perform proxy registration to an account belonging to a subsidiary as long as you are authorized to access to that account in IDEAL.

What will happen to inward payments after I close my DBS account with FPS proxy registration?

Any inward payments crediting to a Proxy ID registered with a closed account will be returned to the paying bank. 

How do I amend or cancel my Proxy ID setup after it is registered?

You can log in to IDEAL / IDEAL Mobile App to amend or cancel any Proxy ID registered. 

What is QR Code for FPS?

FPS supports the use of QR code that adopts the common standard published and administered by Hong Kong Interbank Clearing Limited. Businesses have option to use a FPS QR code (usually provided through website, other online channels, or invoices) for FPS payments, which allows their payer to scan the FPS QR code to automatically capture the payment details without the need to manually enter the data.   

How can I generate a QR code for FPS?

Please contact our relationship manager for discussion if you would like to generate QR code for receiving FPS payments.

 

What devices do my payers use to scan my FPS QR code?

Your payers can scan your QR code using the mobile phone application provided by their banks. 

How soon will I receive the FPS payment into my DBS account?

Provided the payer is using a bank that is a participant in FPS real-time payments, you should be able to receive the payment immediately.