On Feb. 18, 2025, HKMA refined measures on real-time fund transfers by customers.
HKMA encourages AIs to conduct mandatory name matching process for all transfers.
If AIs wish to set a threshold for conducting the mandatory name matching process, such threshold should not be higher than HKD 1,000 (or equivalent in other currency).
AIs are expected to implement these refined measures by May 31, 2025.
This circular supersedes the circular dated Dec. 21, 2021 described above.
On Dec. 21, HKMA enhanced measures on real-time fund transfers.
HKMA has set out enhanced measures that authorized institutions (AIs) should adopt.
These measure will prevent instances where bank customers make errors when they input transfer instructions on internet banking platforms and mobile applications.
The measures outlined apply to fund transfers effected on a real-time basis through Type C1 credit transfers 1 of FPS and intra-bank fund transfers of similar nature. Where a payer inputs the payee’s bank account number which is used as the identifier.
Measures Outlined
AIs acting as a payee institutions must have a mandatory name matching process.
Transfer instructions that cannot pass the mandatory name matching process will be rejected by the payee institutions, and the payer institutions should inform the payer
For operational efficiency fund transfers of HK$10,000 (or equivalent amount in other currency) or above are required to be subject to mandatory name matching process.
After payers have inputted the payment instructions in Internet banking platforms or mobile applications, AIs must display a specific reminder before transfer is confirmed.
Upon the implementation of the enhanced measures, AIs are encouraged to conduct appropriate customer communication to facilitate customers’ understanding on the name-matching process adopted by the industry on the relevant fund transfers,
Effectiveness
AIs should implement the above measures by Dec. 31 2022.
Feb. 2025 Refined Measures
On Feb. 18, 2025, HKMA refined measures on real-time fund transfers by customers.
HKMA encourages AIs to conduct mandatory name matching process for all transfers.
If AIs wish to set a threshold for conducting the mandatory name matching process, such threshold should not be higher than HKD 1,000 (or equivalent in other currency).
AIs are expected to implement these refined measures by May 31, 2025.
This circular supersedes the circular dated Dec. 21, 2021 described above.
