Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag.
“This is useful for utility companies, insurance companies and even leasing companies who collect cash from a large volume of customers,” Richard Jaggard, head of sales of global payments and cash management in the Asia Pacific region said.
The service can be integrated with the enterprise resource planning software of the customer.
Sohantha Wijesingha, head of payments and cash management at HSBC in Colombo said the virtual accounts service gives real time information on a company’s cash position to make decisions.
Amy Ng, a senior official of HSBC’s regional payments and receivables business said instant credit and tracking of receivables will help reduce customer dependence on external credit lines helping cut costs.
The service can also be used for cross border transactions by exporters.