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Hong Kong has launched a bulk settlement service, allowing Hong Kong dollar credit card transactions between participating banks to become settled more efficiently, the Monetary Authority said Monday.

The brand new service will minimize settlement risk by cutting the time gap between payments produced by banks with net outgoing payments, and people received by banks with net incoming payments.

Participating banks with net outgoing payments is going to be debited at the same time as those with net incoming payments are credited with the bulk settlement run in a pre-determined time on each settlement day.

Credit card issuers - VISA, MasterCard and China UnionPay - uses the service, which will be operated by Hong Kong Interbank Clearing.

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