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29 May 2024

Business Insider Bangladesh

HSBC introduces domestic foreign currency transaction through RTGS

UNB || BusinessInsider

Published: 15:31, 10 October 2022  
HSBC introduces domestic foreign currency transaction through RTGS

Photo: Collected

The Hongkong and Shanghai Banking Corporation (HSBC), along with Bangladesh Bank (BB), has initiated foreign currency (FCY) transaction solution through real-time gross settlement (RTGS) clearing of the central bank.

This solution will enable HSBC’s valued customers to make domestic foreign currency payments to other participating bank’s FCY accounts and to receive FCY payments from other participating bank’s FCY accounts, according to a media release issued today.

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 bank margin accounts/ERQ account for import liability settlements.

Earlier, domestic foreign currency settlement was executed through FCY demand draft (FDD), drawn on 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 which remove their need to physically visit bank premises and handle paper-based instruments like 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 RTGS instead of multiple days using FCY DD.

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.