HSBC launches instant fund transfer solution

The Hongkong and Shanghai Banking Corporation in Bangladesh has recently launched an instant, real-time payment collection solution developed with support from the Bangladesh Bank's National Payments Switch of Bangladesh (NPSB).

The NPSB is an electronic platform operating with a view to attain real-time interoperability among scheduled banks, said a press release.

The solution will enable corporate and retail customers to instantly receive funds from other banks participating locally with NPSB-enabled internet banking fund transfers.

It will "reduce administrative time in Accounts Receivable reconciliation and help our customers to increase productivity and manage their cash flow more efficiently", said Kevin Green, country head of wholesale banking at HSBC Bangladesh.