HSBC is one of the largest banking institution in the world. In 2019, the bank launched next generation virtual accounts (ngVAs) for businesses to help wholesale clients with better cash management and control. HSBC virtual banking is available in more than 20 currencies. In this article, we will look at the HSBC virtual accounts in details.
HSBC virtual account benefits businesses with regular electronic payments from several distributors. The HSBC virtual banking has the features that help you manage each payment with precision, speed, flow and comes with the latest virtual banking accounting functions. When you open the virtual bank account, it will be linked to the master Account such that you receive the money directly into your master account. When you have this account, your will easily, manage the administrative, collection and cash management costs, effortlessly and efficiently. The account reduces turnaround time and provides real time reconciliation.
HSBC virtual bank offers a product where each distributor has an account such that your company can differentiate every payment made. This feature effectively eliminates the chance of money commingling, and you get the peace of mind of being able to monitor all your transactions in the account on real time basis.
With the HSBC virtual accounts, you get an online portal that restricts the user’s access to particular supplier profiles, and gives unlimited custom data fields. You also get a Central Travel Booking System that is integrated with your Travel Management Company to support procurement systems, travel agents, and hotel spends capture. The account also has a batch payment feature that offers you the option of automatic invoice settlement through the card programme.
- Bank account consolidation
- Improved cash flow visibility
- Virtual cards
- Intercompany balance management
- Multi-country and multi-currency management
- Electronic reporting
- Rejuvenate cash management
- Reduce physical accounts to enhance control and visibility
- Accelerate on-boarding of new clients
- Intuitive navigation, online learning resources and telephone support in your local language
- Secure way to pay for goods and services without having to issue cards to employees
- Convenient Internet access while in the office, on the road or in different countries
- Aligns with your in-house Treasury Management Systems and Enterprise Resource Planning systems
HSBC virtual accounts are of two type, allocated and published.
- Allocated. A typical example of an allocated virtual account would be a lawyer’s client money account, where each client’s funds are assigned to a specific virtual account and labelled accordingly. However, allocated virtual accounts like this are not intended for external use, such as receiving remittances from third parties directly, so they do not have account numbers and sort codes recognisable by clearing systems.
Published. By contrast a published virtual account will have an IBAN that conforms to the convention of the location of the physical account. For instance, if the parent physical account is based in the UK, then the underlying virtual accounts will each have their own unique IBAN, consisting of the branch sort code and an eight digit account number. This means that published virtual accounts are recognised by clearing systems, so payees can remit directly to them using the IBAN details.
You need internet access to visit HSBCnet and the right software as shown below:
- Internet Explorer 11 (released 17 October 2013) and above
- Chrome 38 (released 7 October 2014) and above
- Firefox 27 (released 4 February 2014) and above
- Samsung Internet 4 (released 19 April 2016) and above
- Microsoft Edge 12 (released 29 July 2015) and above
- Safari 7 (released 22 October 2013) and above
For HSBCnet mobile (via web browser), you need smartphones that use iOS, Android and Blackberry.
TCL Communications, the company keeping BlackBerry phones available most parts of the world, will no longer be selling BlackBerry-branded phones as of August 31st, 2020. Existing devices will continue to be supported.
If you’re an existing HSBCnet customer, simply download the HSBCnet mobile app from Google Store or Apple Store. The Mobile app is faster and easier to use than logging on to HSBCnet via your mobile browser.
You must complete the application documentation to use HSBCnet services. The customer agreement form contains the information needed to set up access to HSBCnet. It’s available in electronic (PDF) or paper form. If you don’t have a customer agreement form, or if you have any questions regarding the form itself, please contact your HSBC representative. In addition to the customer agreement form, in some countries/territories or regions including if you’re in the Asia-Pacific region you may additionally be required to obtain a board resolution, customer certificate of due authorisation or similar. Once you successfully complete the registration, you will be able to log on to HSBCnet.
Depending on how your HSBCnet profile was set up by us, you may already have access to some of the HSBCnet’s tools and services. However, you will need to set up account permissions, transaction limits, and signature groups before using HSBCnet to make payments and other transactions.
If you need help, go to the ‘Need help?’ link located on the right side of HSBCnet screens. Type in a question to receive support from the HSBCnet Virtual Assistant or HSBC Chatbot. You can also view video demos and guides found on the Help Centre. Depending on time and day, Live Chat service may be available to connect you directly to a live HSBCnet Support Agent.