Payments and collections
Our suite of solutions enables end-to-end efficiency in payments and collections across multiple markets through straight-through-processing systems.
Real Time Payments (RTPs) enable transaction processing within seconds, along with instant notification of payment status and real time visibility of payment progress. Such domestic RTPs include.
- FAST: 24/7/365 electronic funds transfer service that allows near-instant SGD transfers between participating banks in Singapore.
- PayNow Corporate: Allows businesses to send and receive SGD funds locally via FAST using a Unique Entity Number (UEN) as an account alias which eliminates need to know or disclose any account numbers.
Automated Clearing House (ACH) Payments: Batch Payments via ACH is the cheapest way for making large volumes of domestic payments at once, allowing you to see a consolidated account debit which facilitates reconciliation.
MAS Electronic Payment System (MEPs): HSBC can process your high value payments via MAS’ real-time gross settlement system in a secure and efficient way.
Cross-border Telegraphic Transfers (TT), which are processed through SWIFT network or wire transfers are ideal for making single, urgent payments to suppliers around the world, via our network of correspondent banks. We support our clients to make automated and streamlined payments to suppliers and employees in different markets.
Next Generation Virtual Accounts (ngVA) is a solution that lets you operate your day to day banking activities with fewer actual bank accounts, supported by multiple underlying virtual accounts. ngVA platform allows you to manage and view your virtual account structure and is available through HSBCnet account.
eGIRO digitises the GIRO application process to help you significantly reduce the set-up time through an efficient and secure digital platform. This initiative will allow both Billing Organisations and Applicants to access a network of other Applicant Banks and Billing Organisations with simple integration all on one platform.