Vietnam first in Asia Pacific for HSBC's receivables management solution

Vietnam is the first Asia Pacific market in which HSBC has launched the Integrated Receivables Solution service consisting of VirtualAccount, consolidated collection reporting and receivables advising.

The new service fully integrates all receivables transactions and summarizes them into a single consolidated report for easy reference. This report can be downloaded, enabling simple system interface development and allowing customers to interface their treasury, Enterprise Resources Planning or accounting systems with HSBC’s global Internet banking platform, HSBCnet, and host-to-host delivery channel, and HSBC Connect.

Key benefits include the effective management of accounts receivable status across all business units in multiple countries and territories at anytime via HSBCnet, an expedited collection cycle and enhanced credit control. Invoice reminders and instant payment exceptions advices also help to minimize follow-up costs and sales outstanding.

VirtualAccount improves operational efficiency and reduces manual costs in customers’ accounts receivable reconciliation process by identifying and attaching payers’ information to collections.