SWIFT has announced that its SWIFTNet went live as Hong Kong’s financial messaging platform for Clearing House Automated Transfer System (CHATS) payments, as the Hong Kong Monetary Authority (HKMA) switched from its proprietary network to SWIFT.
HKMA added that interoperability is one of the benefits of SWIFTNet. For example, incoming domestic messages received by the banks in Hong Kong can now be automatically converted into the RTGS message, just as these firms were already doing for international transactions.
John Laurens, head of global payments and cash management, HSBC Asia Pacific, said: “SWIFTNet, not only does it allow banks to streamline their back office environment, but it also provides Hong Kong with a future-proof infrastructure. It also allows for the seamless end-to-end transmission of information, thereby strengthening the value proposition for our customers.
Michael Cheung, head of North Asia, SWIFT, said: “Besides HK dollars, HK RTGS participants can use their SWIFT connection to clear US dollars, euro and renminbi through Hong Kong for more efficient linking with their foreign counterparties, who are also using SWIFT.”
