Payment Connect for Corporate Customers
"Payment Connect" signifies the linkage of Faster Payment System (FPS) in Hong Kong and the Internet Banking Payment System (IBPS) in the Chinese mainland. BOCHK’s "Payment Connect" service supports two business functions, including "Northbound Payroll" and "Southbound Fee Collection" for Hong Kong corporates. It enables real-time cross-boundary remittance settlement, significantly improves payment efficiency and facilitates fund transfer flexibility.
Northbound Payroll
Hong Kong corporates can make cross-boundary RMB payroll to their mainland employee’s accounts in the Chinese mainland through "Payment Connect".
- Operation: Payroll can be processed by simply entering the employee’s Chinese mainland account number or mobile number
- Channels: Supports payroll file upload via iGTB NET and payroll authorisation via iGTB MOBILE
- Notification: When the transaction is completed, corporates will receive a real-time debit notification from BOCHK via email or SMS, corporates can also download payroll reports and view payroll transaction status on iGTB NET
Southbound Fee Collection
Educational establishments, healthcare providers and public utilities may collect fees including tuition, medical expenses or utility payments from individuals in the Chinese mainland through "Payment Connect".
- Operation: Chinese mainland individual payers can make payment by entering the FPS ID or account number of the Hong Kong institution, which has been linked up to a HKD/RMB account. Depending on merchant instruction, payment can be made by debiting payer’s RMB account and crediting merchant’s RMB account, or by debiting payer’s HKD account with the equivalent amount in RMB and crediting merchant’s HKD account
- Notification: When the transaction is completed, institution will receive a real-time credit transfer notification from BOCHK via email or SMS, and view the transaction details on iGTB NET
Terms and conditions apply.
