10 Jul

HSBC launches next generation virtual accounts for corporate and institutional clients

HSBC launches next generation virtual accounts for corporate and institutional clients
10th July
HSBC announced the launch of Next Generation Virtual Accounts to help wholesale clients increase their cash management efficiency by consolidating bank accounts and centralising transactions.

As an innovative multi-currency solution, available in more than 20 currencies, Next Generation Virtual Accounts build on the reconciliation benefits of traditional virtual accounts by enabling treasurers to centralise payments and receivables across multiple and single entity structures.

Clients can consolidate hundreds of bank accounts into a handful, or as few as one account for each currency that they use. Transactions flow through the underlying physical accounts, with the virtual accounts acting as ledger records. This saves treasury teams the operational cost of managing cash across multiple accounts and reduces the need for complex cash sweeps and pools.

HSBC’s solution provides even greater efficiency and flexibility as clients can simply go online to manage their own virtual account structures, tailored to their business needs. For example, smaller companies operating as a single entity may wish to assign virtual accounts by product line. Larger firms running an in-house bank may want to group virtual accounts by entity.

Thomas Halpin, Global Head of Payment Product, Global Liquidity and Cash Management, HSBC said: “Next Generation Virtual Accounts are a powerful tool for treasurers who want to simplify their cash management. Our solution allows treasurers to create an account structure that works for them. It is innovative, intuitive and it has been well-received by clients around the world.”

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