Background

• The client is a local bank whose parent company is one of the largest financial institutions in Taiwan. It is a repeat customer who has also adopted our e-Cheque, two-factor biometric authentication ("2FA") and eKYC solutions
• FPS is a payment financial infrastructure introduced in 2018 by the Hong Kong Monetary Authority (HKMA) and operated by Hong Kong Interbank Clearing Limited (HKICL) that connects banks and Stored Value Facilities to enable round-the-clock instant inter-bank money transfer

Challenges

• Enrolled in the FPS program as one of the participating banks, the client is required to enhance its payment capabilities in order to connect to the HKICL FPS network for
• receiving customer payment instructions across multiple banking channels (online & mobile) and submitting payments to HKICL in real-time as a payer bank; and
• receiving payment settlement confirmation from HKICL in real-time as a payee bank
• To save their own development efforts, the client was looking for a cost-effective FPS solution from a third party solution provider

Solutions

• With robust IT capability, solid domain knowledge and thorough understanding of the client's system infrastructure as its long-term partner, Tradelink developed a comprehensive FPS solution that was easily implemented and integrated with the bank's system supporting the full scope of FPS services as follows.
• Real time payment/money transfer service – allows customers to make/receive instant inter-bank payment/money transfers anytime and anywhere through e-banking or Mobile Banking Service
• Account addressing service – allows customers to link his/her account with a proxy ID, which can be mobile phone number, e-mail address or other FPS Identifier, so that payers can make payment/money transfer to that account by providing only the proxy ID
• Electronic direct debit authorization (eDDA) – allows customers to set up instructions and make periodic payments to designated merchants/organisations

Benefits

• Professional consultation on system development that meets HKMA/HKICL requirements
• Alleviate the bank's internal resources for development and maintenance
• Support high value FPS transactions with the integration of Tradelink's 2FA solution already provided to the bank