- Interbank fund transfers to be carried out real time on a continuous and instantaneous basis
- The platform had gradually become a hub for processing cross - border fund transfers in the region
- Since 1996 , interbank fund transfers have been settled real time through the hkma s real time gross settlement rtgs system
- Since 1996 , interbank fund transfers have been settled real time through the hkma s real time gross settlement ( rtgs ) system
- In the financial markets , clearing and settlement systems refer to the arrangements not just the machinery for the clearing and subsequent settlement of transfer of funds or securities between financial institutions
- A total of 22 banks in hong kong participated in this global test to further validate their readiness to interact with the global payment systems in processing global fund transfers
- The launch of the euro clearing system marks another milestone in developing hong kong as a regional clearing centre for multi - currency funds transfer and will further strengthen hong kong s position as an international financial centre .
- The main purpose of the global test is to promote confidence in the ability of the global payment systems to transfer funds across the world for the year 2000 , in addition to the different domestic payment system tests and external tests conducted by banks with their counterparties