Fubon Faster Payment System Service FAQ

Fubon Faster Payment System Service FAQ

Q1. What is Faster Payment System (FPS)?

Q1. What is Faster Payment System (FPS)?

The Faster Payment System (“FPS”) is an instant funds transfer system that provides an efficient and broadly accessible platform for you to make and receive payment in Hong Kong dollar or Renminbi. You can make payment via e-banking or mobile banking platforms. It is available 24/7^, free of charge* and covering participating local banks and financial institutes with Stored Value Facility (SVF) licenses. 
FPS not only supports fund transfer using the payee’s bank account number, but also supports payment via payee’s mobile number, e-mail address or FPS Identifiers after the payee has registered with the account addressing service.
^The service is limited to receiving banks that support instant transfer functionality.
*Other banks may apply charges.

Q2. What are the benefits of using FPS?

Q2. What are the benefits of using FPS?

FPS is an instant way to transfer money to people and/or to pay to merchants who use banks or Stored Value Facilities (SVF) operators in Hong Kong that have participated in FPS. By using FPS, you can pay a merchant by simply entering the merchant’s FPS Identifier. You can also transfer fund to other people simply by inputting the recipient’s mobile phone number or e-mail address. In the same way through FPS, other people can send money directly to your bank account instantly.

Q3. What FPS services does Fubon provide and how do I use them?

Q3. What FPS services does Fubon provide and how do I use them?

Effective from 27 May 2019, Fubon Bank (Hong Kong) Limited (the “Bank” or “Fubon”) provides FPS services including account addressing service and real-time payment/fund transfer service between your Fubon account and your other accounts or your third-party accounts with Fubon or other banks. You can experience these FPS services through Fubon e-banking Service and Fubon Mobile Banking Service.

Q4. Can I use FPS when I am outside of Hong Kong?

Q4. Can I use FPS when I am outside of Hong Kong?

You can use Fubon FPS services from anywhere in the world as long as you can log on to Fubon e-banking Service or Fubon Mobile Banking Service platforms. For some FPS services, you will be required to receive SMS notification from the Bank in order to complete a transaction or a service request.

Q5. Is there any charge applicable to the FPS services?

Q5. Is there any charge applicable to the FPS services?

Currently, there is no charge applicable by Fubon Bank to the FPS services. However, other banks may have different charging policies.

Q6. Which currencies does FPS support?

Q6. Which currencies does FPS support?

FPS supports payment and transfer transactions in Hong Kong dollar and Renminbi. However, FPS currently does not support cross-currency transactions.

Q7. Do I need to register to use the FPS services?

Q7. Do I need to register to use the FPS services?

You have to register before using the FPS services. To register, you can simply logon to your Fubon e-banking Service account and register the FPS services. If you currently do not have an Fubon e-banking Service account, you can apply online or at any of our branches. A valid mobile phone number which is registered with One Time Password Service (“OTP Service”) and a valid e-mail address are required for FPS registration. If you do not have the required information in our bank record, please visit any one of our branches to update your record.

Q8. How will I know if I have successfully registered for FPS service?

Q8. How will I know if I have successfully registered for FPS service?

After you have successfully registered for FPS service, you will receive an SMS or e-mail notification.

Q9. What is FPS account addressing service?

Q9. What is FPS account addressing service?

With FPS account addressing service, you can link your account with a proxy ID, which can be your mobile phone number, e-mail address or FPS Identifier, so that the payer can make payment/transfer fund to that account by providing only your proxy ID. If you have not registered for account addressing service, payer can still transfer fund to you by providing your account number.

Q10. How do I register for FPS Identifier?

Q10. How do I register for FPS Identifier?

Please visit any one of our branches to register for FPS Identifier.

Q11. Do I need to link a bank account with a Proxy ID in order to make payment/transfer fund via FPS?

Q11. Do I need to link a bank account with a Proxy ID in order to make payment/transfer fund via FPS?

For paying/transferring fund via FPS, you do not need to link your account with a Proxy ID. You can simply select the account from which the fund is transferring.

Q12. Who is eligible to register for FPS services and what accounts can I link with FPS account addressing?

Q12. Who is eligible to register for FPS services and what accounts can I link with FPS account addressing?

All Fubon individual customers are eligible to register for FPS service. You can choose your current account, savings account, magi©money manager Account or Multi Currency Savings Account in Hong Kong dollar or Renminbi.

Q13. How many accounts can be linked with each proxy ID?

Q13. How many accounts can be linked with each proxy ID?

For each proxy ID, you can link with only one Hong Kong dollar and/or Renminbi Fubon account.

Q14. Can I change the Proxy ID linkage to another Fubon account?

Q14. Can I change the Proxy ID linkage to another Fubon account?

You can always change the Proxy ID linkage to another Fubon account via Fubon e-banking Service or Fubon Mobile Banking Service.

Q15. If I have already linked my mobile phone number or e-mail address with bank accounts of other banks, can I use the same mobile phone number or e-mail address to link with a Fubon account?

Q15. If I have already linked my mobile phone number or e-mail address with bank accounts of other banks, can I use the same mobile phone number or e-mail address to link with a Fubon account?

Yes, you can simply access our e-banking Service and use your mobile phone number or e-mail address to link with your Fubon account to setup the account addressing service at Fubon Bank.

Q16. Can I specify the maximum amount of each payment/transfer transaction and the date on which such payment/transfer should cease?

Q16. Can I specify the maximum amount of each payment/transfer transaction and the date on which such payment/transfer should cease?

You can set a payment/transfer amount limit for each registered account. However, as the payment/transfer transaction will take place at real time, you cannot specify a future date on which such payment/transfer should cease.

Q17. Can I specify the date on which such payment/transfer transaction should take place?

Q17. Can I specify the date on which such payment/transfer transaction should take place?

As the payment/transfer transaction will take place at real time, you cannot schedule a future date on which such payment/transfer transaction would take place.

Q18. Can I alter or stop a payment/transfer transaction?

Q18. Can I alter or stop a payment/transfer transaction?

As the payment/transfer transaction will take place at real time, you cannot alter or stop payment/transfer transaction after it has taken place. However, if you find any error on such transaction, you should report the error to the Bank as soon as possible and within 90 days from the date of receipt of the statement or confirmation in relation to such transaction.

Q19. Why do I need to re-register accounts to “My Payee” when I have already registered under “Registered Account”? What are the differences?

Q19. Why do I need to re-register accounts to “My Payee” when I have already registered under “Registered Account”? What are the differences?

As the FPS fund transfer service and the fund transfer via Fubon e-banking Service are two separate services catering for different customer needs, the “Registered Account” of fund transfer via our e-banking Service will not be automatically brought across to “My Payee” of FPS fund transfer service.

Q20. Someone tried to transfer fund to me but Fubon rejected the payment. Why?

Q20. Someone tried to transfer fund to me but Fubon rejected the payment. Why?

To avoid mis-transferring of funds into your account, Fubon Bank has put proper control in place to ensure the fund transfer into your account is intended by the transferor. If the transferor has incorrectly input your account information when the transfer was initiated, the payment will be rejected accordingly.

Q21. When I send money to someone, will I know if the transfer was successful?

Q21. When I send money to someone, will I know if the transfer was successful?

When the transfer is successful, you will receive an on-screen message and an SMS notification. You can also find the transaction record in the Transaction History of our e-banking Service and Mobile Banking Service.

Q22. Can I use FPS to send money to overseas account?

Q22. Can I use FPS to send money to overseas account?

No. FPS services are available only to people or businesses that use banks or Stored Value Facilities (SVF) operators in Hong Kong that have participated in FPS.

Q23. Do I need to include the country code when I transfer fund to another person by his/her mobile phone number?

Q23. Do I need to include the country code when I transfer fund to another person by his/her mobile phone number?

If the payee is using a Hong Kong mobile phone number, the country code will be prefilled for you. However, if the payee is using an overseas number, then you have to include the country code when entering the payeee’s mobile phone number.

Q24. What is FPS Electronic Direct Debit Authorization (“eDDA”) service?

Q24. What is FPS Electronic Direct Debit Authorization (“eDDA”) service?

Using this service, you can set up instructions to make periodic payments to designated merchants/organizations. Once the merchant/organization confirms an eDDA request, the eDDA will be created immediately, and payments henceforward will be debited from your account according to the instruction. Alternatively, merchants/organizations can also request to set up eDDA service with you for future direct debit payments. The request will be sent to you via FPS for your confirmation.

Q25. How can I manage my eDDA instructions?

Q25. How can I manage my eDDA instructions?

You can log-in to Fubon e-banking or Mobile Banking service to inquire the authorization status of established instructions. You can also setup, accept, reject, amend, reactivate or cancel the instructions using the eDDA service.

Q26. Can I set a maximum payment amount, payment frequency, and/or expiry date in the eDDA instruction?

Q26. Can I set a maximum payment amount, payment frequency, and/or expiry date in the eDDA instruction?

Yes, you can set a maximum payment amount, payment frequency, and/or expiry date for every eDDA instruction.

Q27. I want to set up an eDDA instruction with a merchant/organization which cannot be located in the merchants/organizations name list. What can I do?

Q27. I want to set up an eDDA instruction with a merchant/organization which cannot be located in the merchants/organizations name list. What can I do?

At the moment, the eDDA service is only available for merchants/organizations on the list. If you want to set up eDDA with other merchants, please contact the designated beneficiary of that eDDA for enquiries.

Q28. Where can I check my FPS eDDA transaction history?

Q28. Where can I check my FPS eDDA transaction history?

You can find your FPS eDDA transaction under the “History – Direct Debit Record” on the FPS menu via Fubon e-banking or Mobile Banking service. The related transaction history will also appear in your bank statement.

Q29. Is there any charge for FPS eDDA services (including setup, accept, cancel, amend, reactive & reject)?

Q29. Is there any charge for FPS eDDA services (including setup, accept, cancel, amend, reactive & reject)?

Currently, the charge is waived for all FPS eDDA services.

Q30. How can I identify the eDDA transactions in my account?

Q30. How can I identify the eDDA transactions in my account?

The eDDA transaction will carry a prefix of “FPS OUT” on the transaction description on your bank statement and you can also find the transactions in “History – Direct Debit Record” on the FPS menu via Fubon e-banking or Mobile Banking service.

Q31. How long does it take to set up an eDDA?

Q31. How long does it take to set up an eDDA?

The request on setup of an eDDA is sent out instantly, but the effective time of the eDDA is subjected to the timeliness of the confirmation from the payee bank of the merchant.

Q32. Will I receive a notification after setup/confirm the eDDA?

Q32. Will I receive a notification after setup/confirm the eDDA?

Yes, you will receive our confirmation notification via SMS.

Q33. After the eDDA is confirmed, can the debtor reference or debtor account be amended?

Q33. After the eDDA is confirmed, can the debtor reference or debtor account be amended?

The debtor reference and debtor account cannot be amended once the eDDA is confirmed. If you want to amend above information, please cancel that eDDA and setup a new one.

Q34. What should I do to confirm/reject if I have received an eDDA approval request?

Q34. What should I do to confirm/reject if I have received an eDDA approval request?

You can log-in Fubon e-banking or Mobile Banking service and under FPS Menu, select “Direct Debit Authorization” > “List of Pending Confirmation DDA”, and you can confirm/reject the eDDA approval request in the “Pending your Confirmation”.

Q35. Why do I receive an SMS notification about the failure of eDDA setup after I submit the setup request?

Q35. Why do I receive an SMS notification about the failure of eDDA setup after I submit the setup request?

If you have received SMS notification about the failure eDDA setup, please contact the designated beneficiary of that eDDA for enquiries.

Q36. Can I cancel the addressing record(s) of my mobile number and/or e-mail address registered with other banks through Fubon FPS?

Q36. Can I cancel the addressing record(s) of my mobile number and/or e-mail address registered with other banks through Fubon FPS?

Yes. As long as your mobile number and/or e-mail address have/has registered the addressing service of Fubon FPS, you can then enquire the addressing records of that proxy ID with other banks under “Setting – My Profile” on the FPS menu. You can also cancel the addressing record(s) of other banks on Fubon e-banking or Mobile Banking platform.

Q37. If I have updated my mobile number and/or e-mail address in Fubon Bank’s record, will my addressing record(s) in FPS be updated automatically?

Q37. If I have updated my mobile number and/or e-mail address in Fubon Bank’s record, will my addressing record(s) in FPS be updated automatically?

Due to security reason, the Bank will not update the corresponding addressing record(s) automatically. Once you have updated your mobile number and/or e-mail address in the Bank’s record, the FPS addressing service of your old mobile number and/or e-mail address will be cancelled in the next working day automatically. You need to register FPS addressing service for the new mobile number and/or new e-mail address on Fubon e-banking or Mobile Banking platform accordingly.
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