- 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.