Introduction to Payments

Hong Kong Model Bank is enriched with certain payment functionality required for Hong Kong market.

RMB Exchange Limit

Manages the controls set by the Hong Kong Monetary Authority (HKMA) on the amount of RMB which can be exchanged by individuals and corporates on a daily basis.

Transaction Limits

Certain types of transactions such as cash deposit/withdrawal and transfer debit/credit has limit restrictions and any transactions exceeding the limit has to be authorized by specific set of users.

Gift Cheques

Customers and non-customers can buy gift cheques from any branch. Gift cheques are issued in multiple currencies such as HKD, USD & RMB and can be purchased by cash or account transfer. This service can be charged or waived for special customers such as senior citizen, staff, etc. Such a waiver has to be authorized by supervisor.

Outward Remittance and Conversions

Outward messages are handled by SWIFT and allows the capture of Chinese commercial codes as part of the SWIFT tags. When messages are transmitted between banks, these commercial codes can be converted to local languages like Chinese.

Direct Debit Mandates and Processing

This module allows the creation of direct debit mandates based on manual paper requests, through the clearing interface (HKICL) or other internal systems of the bank. A confirmation notice is produced for the customer on creation. Charges are supported for new mandates and amendments.

Adhoc Holiday Processing

Adhoc holiday refers to holidays, which can be declared suddenly in a country for various reasons such as typhoons, heavy rain forecast, political instability, etc. The result of such holidays is that any processing of banking transactions is moved to the next working day or the date announced by the government.