Hong Kong RTGS Taps Swift for Market Infrastructure Resiliency Services
Hong Kong Interbank Clearing Limited (HKICL), the clearing and settlement house for the Hong Kong financial market, has agreed to adopt the Market Infrastructure Resiliency Service (MIRS) run by Swift to reduce operational risks and improve the resiliency of the Hong Kong’s Real-Time Gross Settlement (RTGS) system.
Swift has worked with a group of seven central banks to design the shared RTGS system back-up service that uses Swift technical platforms, storage facilities, and messaging formats to continuously capture transaction balances. It also provides a clear view of the settlement position at the point of failure of the primary and secondary sites.
The new MIRS business-continuity service is expected to go live at the end of 2016.
"The RTGS systems have been working smoothly in the past, but there is no room for complacency," says Esmond Lee, executive director of the Hong Kong Monetary Authority. "We must stay vigilant in ensuring that our current financial infrastructure would continue to support the banking and financial sectors in Hong Kong even in extreme scenarios. I am confident that MIRS will add to its strengths."
Swift has been providing Hong Kong's Clearing House Automated Transfer System with a financial messaging platform since 2009.
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