Payments

Instant Collection

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HSBC Bangladesh has launched Instant (real-time) Collection through National Payment Switch Bangladesh (NPSB) based Internet Banking Fund Transfer (IBFT) for our corporate and retail clients.

With Instant Collection, customers are able to receive local payments instantly (including Virtual Accounts of corporate clients) sent through the NPSB system from other banks in Bangladesh with NPSB IBFT payment capability. Payer from other NPSB IBFT participating banks can send transactions to HSBC accounts as per the directives of Central Bank.

In Bangladesh many corporates operate in weekends. However, the banks in Bangladesh are generally open from Sunday – Thursday, from 10:00 am – 4:00 pm. In addition, during these working days, there are cut-off times for different payment types and clients cannot make payments after the cut-off time. Even more so with the current pandemic, clients and payers are required to operate flexibly and increased the need for instant collection in a 24x7x365 manner.

Key features

  • Instant confirmation (within 30 seconds) and value of funds credited to the beneficiary
  • Amount validation from originating banks before settlement
  • Transaction processed 24 hours a day, 7 days a week, 365 days a year
  • No delays nor missing crucial payments

Benefits of using Instant Collection

  • Obtain liquidity in real-time: As payment processes accelerate and settlement windows expand, treasurers can benefit from the immediate availability of funds, improving Days Sales Outstanding (DSO) and gaining more efficiencies.
  • Streamlined reconciliation: Solution like Instant Collection helps treasurers improve their reconciliation as transaction data travels through the entire transaction flow, eliminating manual processes. Payer Identification through enhanced Virtual Account based collection would help customers track the transition from ‘account receivable’ to ‘cash’ digitally and in an error-free manner.
  • Increasing operational efficiency: Through Instant Collection function, corporates will be able to receive inter-bank fund transfers from domestic account to account (BDT only), settled in real time on a 24x7x365 basis within 30 seconds. Standardized reports for reconciliation will increase overall operational efficiency.

HSBC Bangladesh has a wide range of cash and liquidity management solutions across payables, receivables, clearing and foreign currency, liquidity, liability and investments. HSBC Bangladesh is investing in continuing the momentum by providing clients with more digital solutions in the future. The inclusion of Instant Collection function has enriched the bank’s overall collection based product portfolio that comprises sophisticated solutions like Direct Debit and Virtual Accounts.

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