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HKMA confirm the value of choosing SWIFT for CHATS
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15 September 2009
Left to right: Haster Tang, Head, Payment Systems Operation Division, HKMA. Esmond Lee, Executive Director, HKMA, Michael Cheung, Head of North Asia, SWIFT. Debbie Lee, Senior Relationship Manager Hong Kong and Macau, SWIFT.
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In late May, the HKMA implemented a decision reached in 2006 to move its RTGS system onto SWIFTNet.
There were two basic reasons for the migration, explained Esmond Lee, executive director, Financial Infrastructure Department, HKMA. “The banks in Hong Kong have been SWIFT users for many years,” he explained. Until very recently, however, each bank needed to have its own system to convert international messages into local formats and vice versa. “We realised that it would enhance operational efficiency if we were to have the same formats for domestic and international payments,” said Lee.
Secondly, he explained, in addition to the Hong Kong dollar RTGS system, the market has four currency payment systems that allow foreign banks to participate directly. “To facilitate overseas participation in the foreign currency payment systems developed in Hong Kong, it easier all round to SWIFT system.”
The benefits of moving to a platform already used by most of the banks were clear, said Lee.
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