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!
Charges for customers (Except for licensed Money Service Operators) are waived till 30 June 2019*.
*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.
Corporate customers with DBS business accounts can make FPS payments via IDEAL.
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.
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.
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.
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.
You can register Proxy ID with your HKD / RMB Current and Savings Account, and Multi-Currency Account with DBS.
You can register multiple Proxy IDs with the same DBS account.
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.
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.
Any inward payments crediting to a Proxy ID registered with a closed account will be returned to the paying bank.
You can log in to IDEAL / IDEAL Mobile App to amend or cancel any Proxy ID registered.
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.
Please contact our relationship manager for discussion if you would like to generate QR code for receiving FPS payments.
Your payers can scan your QR code using the mobile phone application provided by their banks.
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.