The Hongkong and Shanghai Banking Corporation (HSBC), along with the Bangladesh Bank (BB), has initiated a foreign currency (FCY) transaction solution through the real-time gross settlement (RTGS) clearing of BB.
This solution will enable HSBC’s valued customers to make domestic FCY payments to other participating banks' FCY accounts and to receive FCY payments from other participating banks' FCY accounts, according to a press release received on Monday.
Additionally, under the trade umbrella, HSBC can now receive domestic export payments and execute domestic import payments besides receiving fund transfers via FCY RTGS from other bank margin accounts/ERQ accounts for import liability settlements.
Earlier, domestic foreign currency settlement was executed through the FCY Demand Draft (FDD) drawn on Bangladesh Bank, which required multiple days. This previous process was time-consuming as transaction details had to be checked and validated manually.
HSBC has been continuously introducing smooth and convenient digital services through its online platform, HSBCnet.
Through the establishment of domestic FCY settlement through RTGS, its 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, 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 a shorter processing time as transaction 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 of 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.
