To achieve the fast and seamless deposit experience for its brokerage platform, HSBC worked with Syfe to co-create a solution that leveraged Virtual Accounts (VA) and the provision of instant confirmation of credits via automated messages (known in the industry as MT910 messages). The VA solution solves the problem of receivables reconciliation by providing a unique virtual account number for each payor, who remit funds to their assigned VA number. Funds are then automatically credited to their respective beneficiary account, with payor details such as name and bank account number, and the purpose of payment reflected in the remittance information to automate reconciliation. As a result, funding can be done in mere minutes.
For trade redemptions, HSBC worked with Syfe to deliver a solution integrating Singapore’s real time payments Fast and Secure Transfers (FAST) clearing channel in order to provide a smooth customer experience. For every trade redemption request, payments are instantly initiated via FAST the moment they are received. This allows funds to be credited to investors in just a matter of minutes. Overall, this accomplished the automated, near-instant payment and reconciliation process Syfe needed to support straight through investment and withdrawal of funds for their investors.