HSBC introduces domestic foreign currency transaction through RTGS
The Hong Kong and Shanghai Banking Corporation (HSBC) along with Bangladesh Bank has initiated foreign currency (FCY) transaction solution through real-time gross settlement (RTGS) clearing of the central bank.
This solution will enable HSBC's customers to make their domestic FCY payments to other participating bank's FCY accounts and receive FCY payments from other participating bank's FCY accounts, HSBC said in a press release.
Under the trade umbrella, the British multinational bank can now receive domestic export payments and execute domestic import payments besides receiving fund transfer via FCY RTGS from other bank margin accounts or ERQ accounts for import liability settlements.
Earlier, domestic foreign currency settlement was executed through FCY Demand Draft (FDD) drawn from Bangladesh Bank, which required multiple days.
This previous process was time consuming as the transaction details had to be checked and validated manually.
The multinational bank has been continuously introducing smooth and convenient digital services through its online platform -- HSBCnet.
Through the establishment of domestic FCY settlement through RTGS, clients will be able to make their cash management payments online, which removes their need to physically visit bank premises and handle paper-based instruments like FDD.
As the FCY RTGS process is automated, the transaction will be faster, safer and more secure.
Payments will now be processed easily without any hassle and fund realisation for payees will be faster. This will result in shorter processing time as transactions will be completed near real-time using RTGS instead of multiple days using FCY DD.
HSBC is always determined to create opportunities for its clients to avail smooth and convenient services.
Thus, with the ever-changing environment, HSBC is continuously introducing new ways of making its customer journey easier through new development and product customisation.
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