Faster Payment System (FPS)

Overview

Faster Payment System (FPS)[1] is a real-time online transfer and payment service platform. Register FPS now to make transfers between local banks, top up stored-value facilities (e.g. e-Wallets), pay bills and receive money from third parties, providing a round-the-clock fund transfer experience for you.

Key features

Choose multiple online transfer channels through FPS for instant[2] cross-bank transfer at no cost to match with your diverse needs. Three types of fund transfer are available to you through our e-Banking services:

  • Transfer between your Hang Seng Accounts
  • Transfer to third-party / other local banks - registered payee (This service is not available for Integrated Account customers aged under 18)
  • Transfer to third-party / other local banks - new payee (This service is not available for Integrated Account customers aged under 18)

Send and receive money (in HKD and CNY) with just a phone number, email address or FPS identifier upon successful FPS registration without the need to disclose your account details to a third party.

Registering your HKID number as Proxy ID will facilitate you to receive payment and transfer from institutions, corporates and the HKSAR government.

Pay bill with ease by scanning QR code without the need to select merchant and input bill reference number[3]

e-Banking login as first level of protection
Before making any FPS transfer, customers have to log in e-Banking or Hang Seng Personal Banking mobile app ("Hang Seng Mobile App") by Dual-Password or Security Device or Mobile Security Key.

Two-factor authentication (2FA) for making payments to new payee
When making any FPS transfer to new payee, security device / mobile security key is needed as 2-factor authentication

Transfer amount is bound by the daily transfer limit set by the customer

  • A daily transfer limit had to be set up before making any FPS transfers
  • The default transfer limit for transferring to new payee is 0. Two-factor authentication is needed if you wish to set up or raise your daily transfer limit online
  • Two-factor authentication is also needed to add a new payee as registered payee

Real-time SMS / email notification will be sent to the customers after the following FPS transactions are made:

  • Transfer to payee
  • Receive payment
  • Online add new registered payee
  • Online raise daily transfer limit
  • FPS new registration and FPS registration record maintenance

FPS user guide

FPS registration (Via mobile app)

Step 1 / 3
Log on to Hang Seng Mobile App and select "P.P Payment Platform" > "FPS Registration" > "Hang Seng Registration" from left menu.
Then, select the proxy ID that you would like to receive money with and press “Register”.
Step 1 / 7
To set up / update transfer limit, log on to Hang Seng Personal Banking mobile app and select "Transfer & Pay", then "Settings" at the right top corner.
Step 1 / 6
To pay by QR code, please log on to Hang Seng Personal Banking mobile app and select "Transfer & Pay", then “QR Code Pay / Receive”.
Step 1 / 4
Log on to Personal e-Banking (desktop version) and select "P.P Payment Platform" > "FPS Registration" > "Hang Seng Registration".
Then, select the proxy ID that you would like to receive money with and press “Register”.
Step 1 / 5
To set a new transfer limit, log on to Personal e-Banking (desktop version), then choose one of the following:
  • On the homepage, select P.P Payment Platform > Set Payment Limit under “Quick links”
  • From the left menu, select P.P Payment Platform > Limit / Payee Settings > Limit Maintenance
Enter the amount under “Current daily transfer” and click “Next”. Follow the instructions and enter your Security Code to proceed.

General questions

Any Personal e-Banking customer with a HKD / RMB deposit account is eligible for FPS registration. A valid phone number or email address in our bank record is also required if you register for receiving money with phone number and email address.

The account selected as a receiving account (can be set as default receiving account) when registering for FPS will be used to receive money via FPS.

As long as the CNY savings sub-account of your linked receiving account (can be set as default receiving account) is activated, the proxy ID linked to your receiving account can receive both HKD and CNY FPS payments.

An FPS-linked receiving account (can be set as default receiving account) can accept only a savings or current account of HKD / CNY. Please note that your HKID number cannot be linked to a joint account.

FPS registration

It is currently free of charge for FPS registration and inward / outward payment transaction.

Yes, but if the same phone number or email address is registered at multiple banks or stored-value facility (SVF) operators, you must designate one of the banks or SVF operators as your default receiving bank.

In general, the FPS registration will be effective in a few seconds, you can access “FPS Registration” > “Hang Seng Registration” in Personal e-Banking to check the registration status.

Each customer can register up to 4 proxy IDs, including a phone number, email address, FPS identifier and HKID number. Each proxy ID can be linked to just one FPS receiving account number.

You may use both Hong Kong and overseas phone numbers for FPS registration.

You may deregister via “P.P Payment Platform” of Personal e-Banking or Hang Seng Mobile App.
Assuming that you have set Hang Seng Bank as your default receiving bank, once you have deregistered Hang Seng Bank from FPS, the latest registration of other bank record with the same proxy ID shall take the place as default receiving bank.

Amend phone number or email address

If you have an activated physical Security Device / Mobile Security Key, you may update your phone number or email address via "Hang Seng personal e-Banking" > "Customer Services" > "Account Maintenance" > "Personal Particulars". The personal particulars will be updated instantly.

Once you have updated your phone number or email address in our bank record, the registration of old phone number or email address will be automatically cancelled by system in the next working day and you need to register for FPS with the new phone number or email address again.

FPS transfer limits

Before making any transfers to registered / new payee(s) via FPS, you will need to set up relevant FPS transfer limit(s).
To set the limit, you may access via Hang Seng Personal e-Banking (Desktop version) or Personal Banking mobile app. For details, please refer to a step-by step guide in the "Transfer limit and send money" section.

The maximum daily transfer limits are as follows:

Transaction Type Channel Maximum Daily Limit (HKD)
Self-name accounts Personal e-Banking Unlimited
Master limit for registered payees Personal e-Banking 1,500,000
Master limit for non-registered payees Personal e-Banking and ATM 400,000
Non-registered payees (including e-Cheque) Personal e-Banking 400,000
Non-registered payees ATM 400,000
Small value transfer Personal e-Banking 10,000

You may update the new daily transfer limits under "Limit Maintenance" page via Hang Seng Personal e-Banking, or in “Transfer & Pay” “Settings” (at top right corner) “Setup daily transfer limits” via Personal Banking Mobile App. Please note that Mobile Security Key / Security Device and valid mobile number record are required for raising the transfer limit and the instruction shall be effective immediately.

Transfer / Receive payment via FPS

Yes, you can transfer to a Credit Card Account in other local banks using the transfer service under P.P Payment Platform.

Provided the receiving bank is a participant of FPS, payments are usually available almost instantly. But it is also subject to the running mode of receiving Bank.

To transfer to a new payee, you need to maintain a valid phone number in our bank record, and activated non-registered payees transfer or small value transfer daily limit. If you wish to transfer by using non-registered payees transfer daily limit, you need to activate your Security Device / Mobile Security Key in order to complete the transaction verification. In general, if the receiving bank is a participant of FPS, the transfer can be instantly settled. However, it still depends on the specific settlement time of different receiving bank.

If it is an instant FPS transfer, once the instruction is placed and processed, you are not able to reverse or cancel the instruction.
Before confirming a transfer or deposit of funds to a third party in Hong Kong, you are advised to verify the account number / phone number / email address / FPS identifier and partially-masked name (if available) of the payee carefully to avoid mis-transfer of fund. After giving the instruction, you are advised to check with the payee to confirm the receipt of fund. If you find the fund was mis-transferred to a third-party account, please report to our bank at the earliest convenience. We will assist you to contact the payee to return the funds on condition that all required information is received by us.
If you have received funds which a transferer sent by mistake, you should contact us to arrange the return of fund to the transferer at the earliest convenience. The fund will be returned via our bank. Customers could be criminally liable if they refuse to return the fund to the transferer.
For any enquiries, please contact the Hang Seng Bank’s Customer Service Hotline at (852) 2822 0228.

You can also transfer to other bank credit cards without registration required.

In general, if the payer's bank is a participant of FPS, the transfer can be instantly settled. However, it still depends on the specific settlement time of different payer bank. Please contact the payer to confirm correct transaction details is being sent, or contact our Customer Services Hotline at (852) 2822 0228 for enquiry.

Pending transfer

You may make your pending instructions 45 calendar days ahead for transfers to other bank accounts in Hong Kong. Please note that Sundays and public holidays will be unavailable for pending instructions to Hang Seng Accounts.

Yes, you may make amendments to all your pending transfers online anytime before the effective date of the transfers.

It is not necessary to have sufficient fund in your account when you make a pending transfer. However, your instruction will be rejected if there is insufficient fund in your account on the effective date of the transfer.

Footnote

Other point(s) to note

  1. To read the latest Terms and Conditions for Faster Payment System, please refer to Part IX of the Account Rules or Part XIV of the Integrated Account Terms and Conditions

Remark(s)

  1. FPS (Faster Payment System) is a real-time payment platform provided by Hong Kong Interbank Clearing Limited.
  2. The service limits to receiving banks that support instant transfer functionality and is subject to the General Terms & Conditions.
  3. Only applicable to merchants that support receiving payment via FPS QR code.
  4. Customers registered with an FPS identifier or HKID number will not receive the verification code.
  5. Payees who transfer with FPS ID do not need to enter receiving bank information.
  6. Not applicable to transfers with FPS ID as the proxy ID.