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Strengthening tech adoption of Deposit Protection Scheme: C&T Solutions integrates payout system with e-payment
Hong Kong, October 20, 2021 – C&T Solutions has helped the statutory execution body of the Deposit Protection Scheme (DPS) enhance its payout system with an integrated digital payment solution for payout acceleration and depositors' flexibility of receiving compensation.
With years of economic development, Hong Kong has become the world's third-largest international financial center. The stability of the banking system depends on the depositors' level of confidence in the system. Thus, Hong Kong launched DPS in 2006 and established a designated statutory body to operate the scheme. C&T Solutions has become a long-term partner of this organization since 2005, providing comprehensive support in technical research and development.
With the rapid development of technology, Hong Kong citizens are becoming increasingly accustomed to electronic payment for daily transactions, encouraging the statutory body to look for a digital payout solution to accelerate the depositor compensation process in the event of any bank failure. C&T Solutions supported this project with an upgrade to the existing payout system with e-payment channels, providing a fast, safe and convenient means of disbursement in addition to the traditional paper checks. No prior registration required, related funds can be transferred directly through the banks or Fast Payment System (FPS) to the depositor's default receiving account. Issuing compensation is now 50% higher with the processing time reduced from one week to three days, and the entire payout process becomes more flexible. With the new payment channels launched in June this year, comprehensive drills were conducted to ensure a smooth operation.
C&T Solutions will continue supporting this Guardian of Bank Deposits with the provision of a robust information system to meet its needs to improve its public services as always. In response to the ongoing technology improvement, the teams of C&T Solutions are committed to providing timely application solutions for all walks of life, ensuring various IT systems keep their pace with the times.