The solution devised by HSBC for the company combined the use of Virtual Accounts (VA) Payer ID with the provision of enhanced MT910 messages. The company chose to first make this solution available for its investors in Singapore. Firstly, the company’s investors were provided with unique VA numbers, which they could quote to remit funds to. When remitted to the VA, transferred funds were reconciled automatically and subsequently credited to the investor’s investment account. As a result, funds were now applied to accounts in less than 30 seconds, allowing the company to meet the demand from investors for near-instant availability of funds.
Additionally, the company’s MT910 messages now contained full remitter details, as well as the VA number for incoming cross-border payments, local domestic payments and book transfers. This helped improve visibility on received funds, and eliminated the need for manual reconciliation.