hkma-to-implement-swiftnet

HKMA to implement SWIFTNet

Hong KongÆs central bank replaces its existing proprietary network for RTGS systems.
The Hong Kong Monetary Authority HKMA has announced that it will begin implementation of SWIFTNet as part of an overhaul of its existing financial infrastructure. The decision will have great implications for Hong KongÆs attractiveness as an international finance centre and will serve as a replacement for HKMAÆs existing proprietary network for real time gross settlement RTGS systems in Hong Kong, while also creating massive new efficiencies in its central money markets unit CMU for clearing and settlement.

The switch by the HKMA to SWIFTNet services is expected to go live in the first quarter of 2008 and will grant the central bank access to services that have recently been implemented in...
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