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JETCO Pay P2P inter-bank platform starts operations

China CITIC Bank International, Shanghai Commercial Bank and Wing Lung Bank are the first participating banks to launch P2P services

Hong Kong, 26 April 2016 - Joint Electronic Teller Services Limited (“JETCO”) today announced the official commencement of its JETCO Pay P2P inter-bank platform. China CITIC Bank International, Shanghai Commercial Bank and Wing Lung Bank are the first three of the 12 participating banks who will launch their respective JETCO Pay P2P services to customers via the platform between now and end of May 2016.

Operating on JETCO’s existing inter-bank network, JETCO Pay P2P boasts a high level of security and offers the most comprehensive inter-bank service in town, allowing customers of participating banks to transfer funds directly to accounts at over 30 banks, including participating and non-participating banks, as well as those not in JETCO’s network.

A key feature of the JETCO Pay P2P service is that it is directly linked to the consumer’s bank account, meaning that no top-up is required. Customers of the three banks can transfer funds anytime and anywhere to practically anybody in Hong Kong with a bank account with just the recipient’s mobile number. Recipients holding accounts at one of the three banks will receive their money immediately via their bank’s JETCO Pay P2P app. Recipients holding accounts with other JETCO or non-JETCO banks can receive money by downloading the JETCO Pay P2P Collect app.

JETCO Pay P2P works on both Android and IOS-based smartphones. Its bank-grade security measures, end-to-end encryption, a dynamic PIN pad and device verification also provide multiple layers of protection to users.

JETCO Chief Executive Officer Angus Choi said: “JETCO Pay P2P is a quick, convenient, easy and safe way for consumers to transfer funds across banks using just mobile phone numbers. The pioneering launches by China CITIC Bank International, Shanghai Commercial Bank and Wing Lung Bank exemplify our member banks’ commitment to innovation in mobile banking services.”

“JETCO’s objective is to provide a mobile P2P transfer platform that can be shared by our member banks. By leveraging our state-of-the-art toolkits and technology standards, our members can accelerate the time to market.” Mr. Choi added. 

Both China CITIC Bank International and Shanghai Commercial Bank will launch their JETCO Pay P2P services on 26 April 2016 while Wing Lung Bank will launch in May. 

Mr. Choi expects the other nine participating banks to roll out their JETCO Pay P2P service in succession.

Please visit www.jetcopay.com.hk for more details on the service and supporting apps.

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For media enquiries:

Vianne Fung
Golin
Tel: (852) 2501 7908
E-mail: vfung@golin.com

About Joint Electronic Teller Services Limited

Joint Electronic Teller Services Limited (“JETCO”) was established in 1982 by five banks, namely, Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; OCBC Wing Hang Bank Limited (formerly Chekiang First Bank Limited); Shanghai Commercial Bank Limited and Wing Lung Bank Limited. Today, JETCO has over 30 member banks in Hong Kong and Macau and supports a range of banking services to these member banks covering both regions.

JETCO currently operates more than 3,000 ATMs in Hong Kong, Macau and over 20 cities across mainland China. Bank customers can use JETCO ATMs to withdraw cash, transfer funds, check account balances, pay merchant and credit card bills, donate to charities and perform overseas transaction setting.

In addition to ATM switching services, JETCO also provides other value-added services, including payment gateway services for e-Commerce and mobile payment solutions, to help member banks provide innovative and high-quality services to their customers.

For more details, please visit www.jetco.com.hk.

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