13 August 2018

HSBC Goes Live with PayNow Corporate

  • Enhanced funds transfer service that allows businesses and the government to send and receive payments using an account proxy
  • Individuals can also send and receive payments from corporates via PayNow
  • No need to know the business/corporate bank account number for funds transfer

HSBC Singapore is pleased to announce the launch of PayNow Corporate. PayNow is a peer-to-peer funds transfer service currently available to retail customers. PayNow Corporate allows payments to be made without the need to obtain bank details from beneficiaries. This greatly improves customer experience and minimizes a company's data maintenance.

For corporate-to-corporate payments, companies will be able to pay directly and instantly to the Unique Entity Number (UEN) registered with PayNow Corporate. For corporate-to-individual payments, companies will be able to pay instantly to the person's NRIC or mobile phone number registered with PayNow.

At the consumer level, customers now have the ability to make a simple instant payment directly to a registered company's UEN when paying for a purchase.

In addition, PayNow Corporate will enable companies to utilise Quick Response (QR) codes. Their customers will be able to simply scan, review and click pay using their smartphone. Companies can use the payment details embedded in the QR code to reconcile the receivables.

PayNow Corporate is a huge step forward to a digital economy for Singapore and has the potential to deliver significant efficiencies in how corporates can send, receive and reconcile Singapore Dollar funds. It also enables them to offer their customers a simpler and easier way to pay.

Mr Rohit Joshi, Managing Director and head of global liquidity and cash management of HSBC Singapore said, "PayNow Corporate allows companies, and individuals who interface with companies, to transact commercial payments 24/7/365 without the need to know the bank details of the counterparty in a fast, seamless and secure way through a single transaction account. It's part of Singapore's Smart Nation drive to adopt digital payments and the next logical step in the digitization of Singapore's economy."

Junie Yeo, Marketing Director of Rentokil Initial, a HSBC client adds “We are actively pursuing digital transformation to benefit and add value for both our internal and external customers. We are very excited with the launch of PayNow Corporate, and wholeheartedly embrace digital payment solutions as part of Singapore's Smart Nation vision.”

Since its launch for peer-to-peer payments last year, over a million Singapore residents have used PayNow and more than 900 million dollars have been transferred.

With the launch of PayNow Corporate, both businesses and retail customers can now enjoy the same convenience of a simpler way for funds transfers 24/7, 365 days. The seven participating banks are Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.

Learn more about HSBC PayNow Corporate.

Disclaimer

This article is issued by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC” or “we”).

The information contained in this article is derived from sources we believe to be reliable but which we have not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this article. No liability is accepted whatsoever for any direct, indirect or consequential loss (whether arising in contract, tort or otherwise) arising from the use of or reliance on this article any information contained herein by the recipient or any third party. If you seek to rely in any way whatsoever upon any content contained in this article, you do so at your own risk.

This article does not constitute an offer or solicitation for, or advice that you should enter into or start using, any of the arrangement, product or services mentioned in this document. Recipients should not rely on this document in making any decisions and they should make their own independent appraisal of and investigations into the information described in this article. No consideration has been given to the particular business objectives, financial situation or particular needs of any recipient. Any examples given are for the purposes of illustration only.

All the information set out in this article is provided in good faith to the best of HSBC’s knowledge and understanding of the current law, rules, regulations, directions and guidelines governing or otherwise applicable to the relevant services offered by HSBC but HSBC makes no guarantee, representation or warranty and accepts no liability as to its accuracy or completeness. Future changes in such law, rules, regulations etc. could affect the information in this article but HSBC is under no obligation to keep this information current or to update it. Expressions of opinion are those of HSBC only and are subject to change without notice.

Copyright © The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch 2018. All rights reserved. No part of this article may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC.

Issued by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch.

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