First Data, a commerce-enabling technology provider, has partnered with China CITIC Bank International (CNCBI) to provide merchant acquiring solutions.
Through this partnership, First Data will provide a comprehensive range of merchant acquiring solutions including point of sale terminals, eCommerce solutions and other value-added services in Hong Kong, to the clients of CNCBI.
CNCBI clients can now have access to full range of flexible payment acceptance methods in-store, on mobile devices, and online.
Clients with physical stores can also use First Data’s point of sale terminals which accept all major payment types in Hong Kong and they can also use First Data’s eCommerce solutions for convenient payment via card, mobile wallet or e-wallet, online and offline.
With this partnership, First Data will provide CNCBI clients with more channels to accept payments and send funds directly into their CNCBI Business NOW account with short settlement times.
CNCBI assets & liabilities and customer strategy, personal and business banking executive general manager Ronald Iu said: “Clients can manage their operating cash in a single account, enjoy preferential deposit interest rates and gain better visibility and control over their working capital.”
First Data stated that it will support the growth of CNCBI’s clients through its scale, by offering scope to develop collaborative solutions that will use integrated coverage model, backed up by its technology platform.
It further said that its standardized integration and processing across markets can be an appealing proposition for medium-sized and large business banks who want improved operating efficiency with the assistance from a single-source provider.
First Data executive vice president and Asia Pacific head Ivo Distelbrink said: “As First Data continues to invest in best-in-class technology, CNCBI clients will benefit from the flexible, robust and secure merchant solutions enabled by First Data in Hong Kong and as they expand their operations globally.”
In September, CNCBI stated that its inMotion, Personal i-banking and Business Internet Banking are connected to the Hong Kong Monetary Authority’s (HKMA) Faster Payment System (FPS).
FPS operates on a round-the-clock basis and connects banks and stored-value facility (SVF) operators on the same platform.
It allows public to transfer funds in real time, across different banks or SVFs with funds being available almost immediately.
HKMA stated that funds transfer will become user-friendly by using mobile number or email address as account proxy for the payee. The system will support both Hong Kong Dollar (HKD) and Renminbi (RMB) payments.