Refined measures for real-time fund transfers

We would like to inform you that we have adopted enhanced measures for real-time fund transfers through the Faster Payment System (“FPS”) and our intra-bank fund transfer system to align with guidelines issued by the Hong Kong Monetary Authority. This is to help reduce the chances of incorrect fund transfers made by customers, which are due to mistakenly inputting the wrong payee bank account number.

Just a reminder:

a) When you make a real-time fund transfer through FPS, you should carefully verify the payment details, including, among others, the payee's name and account number, etc. It is unlikely that you can stop a transfer after it has been effected.

(b) Where (i) you as a payer input the payee's bank account number as the identifier and (ii) the payee institution is a retail bank, fund transfers of HKD 1,000 or above (or other currencies of an equivalent amount) will generally be subject to the payee bank's own name checking process. 

(c) In other cases, such as fund transfers of less than HKD 1,000 (or other currencies of an equivalent amount) or if the payee institution is not a retail bank, the name checking process may not be conducted.

Please feel free to get in touch with us through the ZA Bank App if you need any assistance.