Payments

HSBC Virtual Account – Single Entity

You need strategies and solutions to help you navigate an uncharted environment. We can help.

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

To learn more about virtual accounts, see our brochure (PDF, 313KB)

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