HSBC launches ‘Virtual Account’
Sanjeevi JAYASURIYA
Sri Lanka’s economy is on a fast growth track and project financing
would be the way forward for large international banks.
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HSBC Sri Lanka and the Maldives Chief Executive Officer Nick
A Nicolaou addressing the media at the launch of Virtual
Account, an innovative receivable solution while HSBC
Regional Payment Head Amy K S NG looks on. Picture by
Sumanachandra Ariyawansa |
The HSBC has provided over $ 2 billion project financing and is in a
better position to secure international funding for the country’s
development drive, HSBC Sri Lanka and the Maldives Chief Executive
Officer Nick A Nicolaou said.
The infrastructure development activities taking place at present
require massive funding and larger banks have the advantage of meeting
this requirement more comfortably, he said.
More foreign banks having their presence in the country is not a
concern for HSBC as it has already consolidated in to the country’s
banking system, he said at the launch of Virtual Account, an addition to
HSBC’s Integrated Receivables Solutions (IRS) suite held yesterday in
Colombo.
The Sri Lankan economy is export oriented and the innovative
receivable solution that would provide consolidated collection reporting
and receivables advising to help customers manage their receivables more
effectively is timely, he said.
In today’s context, cash is king. The customers want the cash they
need as fast as possible and at the right place. Virtual Account gives
companies a comprehensive view of their daily cash position, allowing
them to use cash more efficiently and to make decisions based on real
time information to create more business opportunities, HSBC Regional
Payment Head Amy K S NG said.
The innovative receivable solution is best suited for corporates
having a large number of multiple payments and will target export,
import and utility payment sectors especially, she said.
The new service which is launched in Sri Lanka for the first time for
payment and cash management will facilitate improvements in critical
areas of business such as working capital optimization, work efficiency
enhancement and operational risk control.
Virtual Account will enable the customers to manage their receivables
with improved visibility and information management while improving
internal controls.
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