Virtual Accounts Solution

Virtual Account solution solves the problem of receivables reconciliation by providing –

• A unique virtual account number for each payor which contains payor information and relevant beneficiary account number
• Automatic crediting to the relevant beneficiary account with the payor details shown on the statement narrative
• Ability to capture purpose of payments in account number itself
• Detailed MIS and periodic alerts available to facilitate faster reconciliation

Step 1: Virtual account setup is done for client and new account numbers are communicated to the payors;

Step 2: Payors make RTGS/NEFT/IMPS payment using the virtual account number provided

Step 3: On receipt of RTGS/NEFT/IMPS payment, HSBC will instantaneously credit the customer’s master account along with payor information

Step 4: Virtual accounts reports can be generated at desired frequency capturing payor details and purpose of payment;

Note -

• These reports can be delivered via H2H, Email or both. Flexibility to customize the MIS formats as per client’s requirements.
• To facilitate reconciliation, additionally, the client can also consume the MT940/ 942 statements OR the Account Inquiry API’s.
• Flexibility to deliver ‘dealer/payor intimation letters’ capturing the Virtual Account and Bank IFSC details
• ‘VA-On the Fly’ solution to enable automated Virtual Account creations through H2H

Based on the kind of payor base the client has and the information required to be captured for e-collections, HSBC offers 3 different types of Virtual Account models – (ability to reject the payments if the payor information does not match with the bank records)

• Static Virtual Accounts: Payor identification for fixed dealer network; dealer database maintained with the bank
• Semi-Dynamic Virtual Accounts: In addition to payor, purpose of payment to be captured along with payor info; dealer database maintained with the bank
• Dynamic Virtual Accounts:  Payor Identification for large/ dynamic payor base; does not require payor database. Specific use case for: Insurance, MFs, Telecom, e-commerce, NBFI segments.