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.