One-Month Milestone for Cross-Border Payment Link: Number of Participating Institutions Expands to 19 Amid Isolated Remittance Failures

Since its launch on June 22, the Cross-Border Payment Link has reached its one-month mark. Over the past month, the number of participating banks has expanded rapidly from 12 to 19.
Currently, there are six participating institutions from Mainland China: Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, and China Merchants Bank.

The number of participating institutions in Hong Kong has increased from six to thirteen, now including Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Hang Seng Bank, HSBC, ICBC (Asia), Fusion Bank, Bank of Communications (Hong Kong), China CITIC Bank International, Chong Hing Bank, China Merchants Wing Lung Bank, Nanyang Commercial Bank, and Shanghai Commercial Bank. The latter seven institutions are recent additions. The focus now turns to the overall performance of these institutions, future expansion plans, and the reasons behind certain remittance failures.

The Cross-Border Payment Link connects the Mainland’s Internet Banking Payment System (IBPS) with Hong Kong’s Faster Payment System (FPS), jointly promoted by the People’s Bank of China and the Hong Kong Monetary Authority (HKMA), to enable real-time interconnectivity between the two systems.

Compared with traditional cross-border remittances, the Cross-Border Payment Link effectively shortens transaction chains and improves efficiency, with most transfers completed in seconds. Many users have reported a smooth experience. A Mainland resident surnamed Xiao remarked, “Transfers in Hong Kong dollars are instant and free of charge—very convenient.”

Regarding the system’s performance, a spokesperson for the HKMA told Jiemian News that since the service launch on June 22, overall operations have been smooth. Transactions have mainly consisted of low-value person-to-person remittances, with stable volume.

At present, the service supports person-to-person remittances as well as individual payments for tuition, medical bills, and utilities. It also supports institution-to-person payments, such as salary disbursements.

The HKMA spokesperson noted that beyond person-to-person low-value remittances, the service is currently being piloted for individual payments related to public services such as education, healthcare, and utilities. Users are advised to confirm with the relevant institutions whether they are part of the pilot program before making such payments.

The spokesperson also stated that once participating institutions accumulate sufficient experience and operational stability, the service will be expanded to include more institutions and additional use cases.

Within just one month, seven new banks in Hong Kong have joined the initiative. When asked about future expansion plans, the HKMA spokesperson said that, in addition to the initial batch of participating banks, other institutions are in the process of joining. Some are conducting tests and will be onboarded once preparations are complete. Jiemian News has learned that certain Hong Kong-based digital banks are currently testing the service and are expected to launch soon.

On July 21, a Jiemian News reporter tested the Cross-Border Payment Link service at multiple banks. The service entry points are prominently displayed across many banking platforms and can also be accessed through keyword search.

At Bank of China, for instance, after accessing the service portal and initiating a remittance, users receive a reminder that “the RMB amount to be transferred will count against the individual's annual quota for foreign exchange convenience.” Once confirmed, users proceed to the remittance page, enter the transfer amount, and choose between RMB or HKD as the receiving currency. If HKD is selected, the applicable exchange rate—provided by the settlement bank—is shown and adjusts in real time.

For the recipient, users can enter either an account number or a payment ID. ID types include mobile numbers, email addresses, and FPS IDs. Upon correct entry, the system displays a “remittance successful” message, and the corresponding amount is instantly credited to the recipient’s account.

However, when the reporter attempted to use the service via another bank, several remittance attempts failed—regardless of whether a phone number or account number was used. Each transaction was marked as “refunded.” Customer service representatives were unable to specify the reason. Similar cases of remittance failure have been reported by other users on social media. 

In response, the HKMA spokesperson explained that the range of services offered may vary between institutions, with some features still being rolled out gradually. For example, Mainland banks are enhancing cross-border mobile number collection functionality for Hong Kong residents with Mainland accounts, which will be launched progressively depending on development progress. 

The spokesperson also pointed out that certain Northbound transfers using account numbers failed because recipients had not updated their Mainland bank records with their English or Pinyin names, resulting in failed identity verification. Similarly, for Southbound remittances, if the sender uses an account number and enters an English name that does not match the recipient’s account records, the transaction may fail. Using a registered FPS identifier, such as a mobile number, can help avoid failures caused by name mismatches.