According to online reports, the Cross-Border Payment Link was officially launched, marking that the fast payment systems in the mainland and Hong Kong have been interconnected. In the future, residents of the two places can handle cross-border remittances in real time. The country's first cross-border payment link for mainland residents to the south and Hong Kong people to the north. Remittances business landed in Shenzhen. Cross-border Payment Connect refers to connecting the fast payment system of mainland China with the fast payment systems of other monetary authorities, formulating supporting policy arrangements, and providing efficient, convenient and safe cross-border payment services between mainland residents of China and overseas residents. The fast payment system is a retail financial infrastructure that allows users to make quick payments and clear settlements. Compared with traditional payment systems, it has the characteristics of long running time and real-time arrival of payee funds. Residents of the two places only need to enter the telephone number or a combination of the account name and collection account number in the mobile banking "Cross-Border Payment Connect" function module to make cross-border remittances. At the same time, they can flexibly choose the currency of receipt as RMB or Hong Kong dollars as needed.