- To learn more about virtual accounts, see our brochure (PDF, 313KB)
Payments
HSBC Virtual Account – Single Entity
You need strategies and solutions to help you navigate an uncharted environment. We can help.
Contact us Bring greater efficiency, control and visibility to your accounts receivables with Virtual Account – Single Entity. Every deposit automatically identifies the originator of incoming payments, eliminating the time-consuming job of matching payments with suppliers and invoices.
How it works
Step 1
Your payers deposit or pay funds to their individually assigned unique virtual account
Step 2
Funds are instantly credited to your main account with the payment originator or pre-defined reference information enabling immediate and automatic payer identification
Step 3
View collection reports on HSBCnet to track all deposits received through virtual accounts, expediting the daily reconciliation process
Benefits
Automated payer identification
Automatically identify each payer without relying on remittance information in the payment transaction
Scalable
Up to 1,000,000 virtual account numbers can be created and linked to your master account
Optimized working capital cycle
Unlock funds quickly and improve credit control with automatic reconciliation of collection information
Faster and more efficient
Ensure automatic posting of electronic deposits to your main account, which frees up resources from manual reconciliations to other productive tasks
Easy set-up process
Eliminate the need to open any additional physical accounts to track your payers
More information
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