Case Study:
Hong Kong International bank switch to iASPEC ECFPS, looking for better stablity and reliability

Background

As a leading banks in Hong Kong and Singapore, with operations spanning retail and corporate payments, encountered limitations in their legacy Faster Payment System (FPS) providers. These systems failed to deliver scalable, resilient processing for ISO 20022-compliant real-time payments across channels like credit transfers, direct debits, and eDDA. iASPEC Technologies Limited deployed its EnterpriseConnect (FPS) platform to enable seamless integration with core banking systems, ensuring compliance with HKICL and regional standards.

The Challenge

The banks' existing FPS solutions struggled with:

• Scalability Constraints: Inadequate throughput for growing transaction volumes, limiting 24/7 real-time processing.
• Resilience Issues: Lack of active/active or standby configurations, risking downtime in high-availability environments.
• Integration Limitations: Fragmented connections to core banking (e.g., T24), mobile apps, and back-office tools, hindering automation and ISO 20022 adoption.
• Adoption Barriers: Manual processes reduced user engagement, with insufficient support for QR codes, proxy IDs, and merchant payments.
• Regulatory Demands: Need for robust monitoring, reconciliation, and compliance in a dynamic APAC landscape.

These challenges impeded efficient handling of cross-border FPS and RTGS integrations.

The Solution

iASPEC's EnterpriseConnect (FPS), an enterprise-grade application engine, was selected for its core features:

• Multi-Service Support: Handles credit transfers (C2/C3), direct debits (D1/D3), refunds/returns (R1), eDDA, and addressing services with proxy ID management (FPS ID, email, mobile, HKID).
• High Resilience and Throughput: Scalable microservices architecture on Red Hat Linux/Tomcat, supporting active/active deployment and over 10 TPS, integrated with IBM MQ and HSM for secure ISO 20022 messaging.
• Back-Office Administration (BOA): Provides system monitoring, exception handling, reconciliation reports, and user/role management with LDAP/AD authentication.
• Integration Capabilities: APIs for core banking, online/mobile interfaces, and tools like name matching and QR code generation.
• Deployment Flexibility: On-premise, cloud, or hybrid, ensuring data sovereignty and 99.99% uptime.

The platform supports banks and virtual banks in unifying FPS operations.

Implementation

A phased rollout minimized disruption:

• Requirement and Design: Workshops defined integrations with HKICL FPS and core systems.
• Development and Testing: Configured on Xeon-based servers (4 vCPU, 16GB RAM, 256GB storage); conducted integration and UAT with HKICL.
• Launch: Parallel operation with legacy systems, including staff training on BOA console.

Full rollout completed in 120 days.

Results

Post-deployment, the banks achieved:

• 300% Throughput Increase: Enhanced capacity for real-time transactions, supporting peak volumes without latency.
• 40% Adoption Rate Growth: Improved user experience via app integrations, QR codes, and automated notifications boosted customer engagement.
• Expanded Capabilities: Seamless ISO 20022 compliance and cross-channel support for FPS, RTGS, and merchant payments.

These outcomes strengthened operational resilience and market position.

Conclusion

This migration highlights iASPEC's expertise in delivering reliable FPS solutions for APAC banks. EnterpriseConnect (FPS) enables modernization while ensuring compliance and scalability.