HSBC announced on Monday the launch of its new Next Generation Virtual Accounts to help wholesale clients increase their cash management efficiency by consolidating bank accounts and centralizing transactions. HSBC reported that through the accounts clients may 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.
While sharing more details about the accounts, Thomas Halpin, Global Head of Payment Product, Global Liquidity and Cash Management of HSBC, stated:
“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.”
Suraj Kalati, Global Head of Liquidity and Investments, Global Liquidity and Cash Management, HSBC then commented:
“Virtual accounts are a natural intercompany solution that enables everyone to focus on what they do best. Entities can focus on buying and selling, without having to manage physical bank accounts, while the corporate treasury gains greater visibility of the overall cash position and more control over their use of funds.”
HSBC added that the Next Generation Virtual Accounts have gone live in the UK, USA, Hong Kong, and Singapore. It will be available in Ireland, the Netherlands and the UAE later this year.