HSBC introduces RTGS for domestic FCY transactions

The Hong-Kong and Shanghai Banking Corporation (HSBC) has initiated foreign currency (FCY) transaction solution through real-time gross settlement (RTGS) clearing of the central bank, reports UNB.
This solution is expected to enable HSBC's customers to make domestic foreign currency payments to other participating banks' FCY accounts and to receive FCY payments from other participating banks' FCY accounts, according to a media release issued on Monday.
Additionally, under the trade umbrella, HSBC can now receive domestic export payments and execute domestic import payments besides receiving fund transfer via FCY RTGS from other banks' margin accounts/ERQ accounts for import liability settlements.
Earlier, domestic foreign currency settlement was executed through FCY demand draft (FDD), drawn on the Bangladesh Bank, which required multiple days.
This previous process was time consuming as the 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 foreign currency settlement through RTGS, clients will be able to make their cash management payments online and would not require physically visiting bank premises and handling paper-based instruments like the FDD. As the FCY RTGS process is automated, the transaction will be faster, safer and more secured.
Payments will now be processed easily without any hassle and fund realisation for payee will be faster.
This will result in shorter processing time as transaction will be completed near real-time using the RTGS instead of multiple days using the FCY DD.
The HSBC said it is determined to create opportunities for its clients to avail 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.