Effectively identifying customer payments is essential to ensure accurate and efficient operation. It improves customer satisfaction resulting in future business opportunities.
Virtual Account is a tool to help our clients identify their payers for all incoming payments regardless of the remittance information quality. With Virtual Account the following are eliminated:
- Payers not providing the right information to help identify them in the payment reference
- Payers providing unrecognisable payment references
- Banks and clearing systems’ infrastructure not supporting the transmission of lengthy and/or complex remittance information
- Payments made on behalf of an ultimate payer with details not being presented in the transaction
By assigning a unique Virtual Account number per payer, HSBC customers can use the Virtual Account number or a pre-defined reference to identify the payer for every single account transaction.