On June 22nd, the Mainland and Hong Kong Rapid Payment System Interconnection (hereinafter referred to as "Cross border Payment Connect") was officially launched. The reporter learned that as one of the first pilot banks in China, multiple banks are actively implementing cross-border payment services to provide real-time cross-border remittance services for residents in mainland China and Hong Kong. Industry insiders say that Cross border Payment Connect not only solves the efficiency and cost pain points of traditional cross-border payments, but also becomes a strategic lever to promote the internationalization of the renminbi and deepen financial cooperation between mainland China and Hong Kong. Next, commercial banks can use cross-border payment platforms as a starting point to accelerate technological iteration and optimize service models, contributing to China's financial openness and global payment system transformation. With the increasingly close exchanges between mainland China and Hong Kong, more frequent economic and trade cooperation, and strong consumer demand from residents moving south and north, higher requirements have been put forward for the efficient and secure cross-border payments as well as the rapid flow of funds. ”The person in charge of the relevant department of the People's Bank of China said in response to a reporter's question that the People's Bank of China focused on cross-border payment needs, and cooperated with the Hong Kong Monetary Authority to carry out the "fast turnaround" interconnection between the mainland's online payment inter-bank clearing system and the Hong Kong rapid payment system, giving full play to the joint efforts of supervision and system advantages, opening up capital clearing channels, improving payment efficiency, reducing transaction costs, promoting economic and trade activities and personnel exchanges between the two places, helping finance to open up at a high level, and further consolidating and enhancing Hong Kong's status as an international financial center. It is reported that compared with traditional cross-border remittances, Cross border Payment Pass effectively shortens the cross-border remittance link, improves the efficiency of cross-border remittances, and technically supports participating institutions to provide users with better cross-border remittance services. Firstly, it supports users to initiate RMB and HKD cross-border remittances between mainland China and Hong Kong through participating institutions' mobile banking, online banking and other channels, relying on mobile phone numbers, bank accounts, etc; The second is to support real-time convenient remittance within a certain amount under the current account; The third is to directly connect the relevant payment infrastructure, reduce intermediate links, and lower cross-border remittance costs. The launch of Cross border Payment Connect is an innovative achievement driven by China's policies and resonating with market demand. ”Zeng Shengjun, Senior Researcher at the Greater Bay Area Financial Research Institute of Bank of China Shenzhen Branch, stated that since the beginning of this year, the country has frequently issued policies to support the development of cross-border businesses. At this time, the launch of cross-border payment services is not only a requirement for high-level financial openness, but also a response to recent regulatory policies. In addition, Zeng Shengjun believes that Cross border Payment Connect, as one of the important measures to promote financial openness in China, also shoulders strategic tasks and missions. One is to promote the internationalization of the Renminbi. As an important supplement to the Renminbi cross-border payment system, Cross border Payment Connect further expands the use of the Renminbi in cross-border trade by supporting real-time exchange and settlement between the Renminbi and Hong Kong dollars. The second is to consolidate Hong Kong's position as an international financial center and strengthen its function as an offshore RMB hub. Currently, the first batch of mainland institutions participating in cross-border payment services include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank; Hong Kong institutions include Bank of China Hong Kong, Bank of East Asia, CCB Asia, Hang Seng Bank, HSBC, and ICBC Asia, and their participation scope will gradually expand in the future. On June 22nd, it was learned that several mainland banks mentioned above have officially launched the "Cross border Payment Connect" service. Individual customers can enter the "Cross border Payment Platform" page through mobile banking, fill in relevant remittance information, etc., to handle real-time cross-border remittance services. Compared with traditional cross-border remittance services, Cross border Payment Connect not only achieves' instant payment ', but also eliminates transaction fees during the pilot period, bringing customers a new payment experience. ”The head of the relevant department of Agricultural Bank of China introduced that starting from June 22nd, the bank will first pilot in Shenzhen, promote to Guangdong and Hainan in July, and then gradually promote to the whole country. The head of the relevant department of Construction Bank introduced that the launch of Cross border Payment Connect will further enrich the bank's cross-border payment service scenarios. Starting from June 22nd, individual customers of Guangdong, Shenzhen, and Hainan branches can first apply for the "Cross border Payment Pass" service, which will be promoted nationwide in the future. In Zeng Shengjun's view, commercial banks need to seize the opportunity of pilot cross-border payment services and promote the transformation of financial services. One is to build differentiated services. The first batch of participating banks can develop composite products such as "payment+wealth management", "payment+financing", and "payment+exchange rate hedging" in conjunction with cross-border payment platforms. The second is to deeply cultivate scenario based services and tap into customer value. Banks can focus on high-frequency livelihood scenarios and collaborate with educational institutions, hospitals, and travel agencies to launch customized services for needs such as studying abroad, healthcare, and tourism. The third is to strengthen technological and compliance capabilities, and build competitive barriers. Banks can learn from the experience of the currency bridge project and explore the combination of cross-border payment channels and digital currencies. Through the integration of digital currency bridges and cross-border payment channels, they can support the settlement of goods trade, further shorten transaction time, and reduce international settlement costs. At the same time, banks also need to improve their cross-border risk control system and establish a full process risk control system covering pre transaction (identity verification), during transaction (real-time monitoring), and post transaction (suspicious transaction tracing). The above-mentioned mainland banks have stated that in the next step, they will continuously enhance their cross-border financial product innovation capabilities around the integration of people's livelihood scenarios, actively promote economic and trade cooperation and capital integration between the mainland and Hong Kong, and make greater contributions to consolidating and enhancing Hong Kong's position as an international financial center and promoting high-level opening up to the outside world. (New Society)