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Hang Seng rolls out business Internet banking service

21 August 2002  |  1071 views  |  0 Hang Seng rolls out business Internet banking service

Hong Kong's second largest bank, Hang Seng Bank is stepping up its online presence with the launch of a new Internet banking service for business customers and an online FX margin trading facility for retail account holders.

The new business Internet service offers customers an overview of their accounts and loan balances, and allows them to transfer funds between accounts or to designated third party accounts by the Chats system or by remittances; conduct bill payments and autopay; set up payroll and direct debit authorisations; place or renew time deposits; as well as enquire about credit facilities, deposit and exchange rates.

Customers can assign multiple users with different levels of access rights and authority to access the services. A digital certificate is used to authenticate the user's identity. To ensure the security of transactions, all data is scrambled using 128-bit Secure Socket Layer (SSL) encryption.

Other Business e-banking services to be available in September include the e-Xpress SME Loan Application, which will provide SMEs with online access to credit services. Internet trade services will also be offered later this year.

To help familiarise customers with the new range of services, Hang Seng has opened a a 'Business e-Banking Centre' in its headquarter offices. Six 'e-Corners' have also been set up at the bank's branches in Central, Mongkok, Tsimshatsui, Kwun Tong and Wanchai.

The bank is also launching an FX margin trading services via its personal e-banking platform, allowing customers to view real-time FX rates and trade in more than 20 currency pairs via hang Seng's Market Express online market information service.

Hang Seng says that 215,000 customers have so far enrolled for its Internet banking service, adding that online transactions make up more than 10% of the the bank's total transactions. More than half of the bank's securities trading transactions are conducted online.

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