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Banks in Hong Kong are entitled to access the system and can apply for direct membership through the settlement institution or indirect membership by settling their payments through direct members.
Participation of other financial institutions has to be approved by the HKMA and the settlement institution on a case-by-case basis.
In an RTGS system, large-value interbank payments are settled on a continuous, deal-by-deal basis through the banks' settlement accounts with the settlement institution of the system.
As these payments are settled one by one during the day, systemic settlement risks arising from end-of-day netting are eliminated.
Interbank fund transfers are made through payment systems that are essential components of the financial infrastructure.