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Payments General

HSBC launches Next Generation Virtual Accounts for corporate and institutional clients

Tuesday 9 July 2019 | 02:35 PM CET

HSBC has launched Next Generation Virtual Accounts to help wholesale clients increase their cash management efficiency by consolidating bank accounts and centralizing transactions.

HSBC said 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.

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 in 2019.

More: Link
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