Hong Kong RTGS adds new real-time features to its SWIFTNet platform

SWIFT, the Hong Kong Monetary Authority (HKMA) and Hong Kong Interbank Clearing Limited (HKICL) have announced that they have completed the migration of Clearing House Automated Transfer System (CHATS) payments to the RTGS platform via SWIFT with the addition of InterAct and Browse.

These new services have been live since mid July and provide interactive real-time query and response messaging to RTGS participants. Apart from other channels to access Central Moneymarkets Unit (CMU) services, with InterAct and Browse, the real time CHATS and CMU functions can now be done by the 151 RTGS participants and 163 CMU participants in a more interactive and user-friendly manner.

This new development will enable all banks to streamline their back office systems and will reduce annual maintenance costs, said Michael Velez from HSBC Hong Kong.