The cross-bank transfer system commonly known as Faster Payment System (FPS) has for the first time in history broken through the 22 million mark. According to statistics from Hong Kong Interbank Clearing Limited, as of the end of September this year, FPS recorded a cumulative total of 22.037 million account registrations, compared with 18.917 million accounts at the end of last year, representing a cumulative increase of more than 3.12 million new accounts in the first three quarters, or a rise of 16.4%.
However, on a single-month basis, the growth rate of new personal accounts has slowed noticeably. September saw only 262,000 more accounts compared with August's 21.775 million, or an increase of 1.2%, also lower than the more than 300,000 month-on-month additions seen at the start of the year.
As for the more than 22.03 million registrations last month, only 15.8 million of those were counted under the same identification number. Since its launch in September 2018, FPS has continuously broken new records, largely because its services have become increasingly diverse, gradually expanding its application scenarios.
Take the Cross-boundary Payment System, which was officially launched on June 22, 2025, as an example. The connection between the Mainland's Internet Banking Payment System (IBPS) and Hong Kong's Faster Payment System (FPS) provides real-time small-value cross-boundary remittances for individuals. More than a year after its debut, Bank of China (Hong Kong)'s northbound remittance transaction value through the Cross-boundary Payment System jumped 65% year-on-year in the first eight months. China CITIC Bank International has just extended the Cross-boundary Payment System to southbound merchant collection services, enhancing cross-boundary payment and collection convenience for both individuals and merchants.
Based on comprehensive analysis, individual customers mainly use the Cross-boundary Payment System for real-time small-value remittances and collections. This service is predominantly used for southbound transactions, primarily to pay for education and study expenses in Hong Kong, medical care, and daily consumption. In contrast, for northbound transactions, corporate customers mainly use it for northbound payroll services, enabling salaries to be credited in real time.
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