Our Services

Our Services

Clearing System in Hong Kong

 

RTGS (Real Time Gross Settlement System)

The RTGS system facilitates the settlement of interbank fund transfer on an individual and gross basis. It also facilitates real time Delivery versus Payment and real time Payment versus Payment through domestic and international linkages.

HKD Clearing System in Hong Kong

The HKD RTGS system started operating in 1996 and provides the money settlement platform for interbank payments as well as major retail payments in Hong Kong. Under the HKD RTGS system, all member banks maintain Settlement Accounts directly with the Hong Kong Monetary Authority ("HKMA"). Interbank payments are settled across the books of the HKMA on a real-time basis.

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USD Clearing System in Hong Kong

The USD clearing system was introduced on 21 August 2000. It is built on the same infrastructure and operates in the same manner as the HKD clearing system. The HKMA appointed the Hongkong and Shanghai Banking Corporation Limited as the Settlement Institution (“SI”) for the USD clearing system in Hong Kong.

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Euro Clearing System in Hong Kong

Following the launch of USD clearing in August 2000, the Euro clearing was introduced on 28 April 2003. The HKMA appointed Standard Chartered Bank (Hong Kong) Limited as the SI for the Euro clearing system in Hong Kong.

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Renminbi Clearing System in Hong Kong

To cater for the expansion of Renminbi banking business in Hong Kong, Hong Kong Interbank Clearing Limited (“HKICL”) was engaged by Bank of China (Hong Kong) Limited, the Clearing Bank for RMB business in Hong Kong, to develop a Renminbi Settlement System, which was launched on 6 March 2006.

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CMU (Central Moneymarkets Unit)

HKICL also operates the computer system of the Central Moneymarkets Unit (CMU), a central clearing and settlement system for public and private debt securities, on behalf of the HKMA.

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Bulk Clearing Services

 

CLG (Cheque Clearing)

HKICL provides CLG service to all members of the Hong Kong Association of Banks (“HKAB”) i.e. licensed banks in Hong Kong, for the clearing of interbank paper instruments in HKD, USD and RMB received from their customers.

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ECG (Electronic Clearing)

HKICL provides ECG service for the clearing and settlement of various types of small-value electronic payments.

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Electronic Bill Presentment and Payment (EBPP)

 

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e-Cheque Drop Box

 

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Other Settlement & Clearing Serivces

 

HK – Mainland China Cross Border Service

 

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CCASS Real Time Delivery vs. Payment

HKICL provides money settlement services to the Central Clearing and Settlement System (“CCASS”), operated by the Hong Kong Securities Clearing Company Limited, a wholly owned subsidiary of the Hong Kong Exchanges and Clearing Limited (“HKEx”).

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Payment versus. Payment (PvP)

A mechanism in a foreign exchange settlement system to ensure that a transfer of one currency occurs only if a transfer of the other currency or currencies also takes place, which will be final and irrevocable.

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