HSBC launches instant payment collection facility

The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh has recently launched the Instant (real-time) Collection function to facilitate its customers.

The real-time collection facility will greatly enhance the customer experience and make banking simpler, safer and smarter for its customers. Instant (real-time) Collection has been developed with support from the National Payments Switch of Bangladesh (NPSB), facilitated by the central bank of the country.

NPSB is an electronic platform operating with a view to attaining real-time interoperability among scheduled banks. With the launch of this product, the corporate and retail customers of HSBC Bangladesh can now instantly receive funds from any other NPSB IBFT (Internet Banking Fund Transfer) participating banks locally.

This will further strengthen the bank’s digital transformation journey and customers’ ease in collection services. Customers like Bureau Veritas (Bangladesh) Private Limited and Continental Traders (Bangladesh) Limited are already benefitted from this product utilisation.

Commenting on the milestone, Kevin Green, Country Head of Wholesale Banking, HSBC Bangladesh, said, “Our digital transformation brings along a host of benefits for our customers and their supply chains. The ability to receive payments in real-time will reduce administrative time in Accounts Receivable reconciliation and help our customers to increase productivity and manage their cash flow more efficiently.”