HSBC Partners With Vietnam Post Corporation

Published: 23-Oct-2009

To improve the efficiency of the receivables management processes of merchants and customers

HSBC in Vietnam has entered into partnership with Vietnam Post Corporation (VNPT) extending access to banking services for HSBC customers to approximately 2,000 post offices across the country – reported The Asian Banker. In addition to offering consumers a way of settling their bills, the partnership is also expected to improve the efficiency of the receivables management processes of those merchants that bank with HSBC.

Reportedly, retail and corporate customers may approach a cashier counter inside any Vietnam post office to settle their outstanding bills in cash. The use of barcode technology and instant checksum validation of bill data will reduce errors and ensure prompt payment. Merchants will also be provided with a daily, single bulk credit to their collection account with HSBC, and receive enhanced collection information services.

Manny Narciso, head of global payments and cash management, HSBC in Vietnam, said: "HSBC is the first bank to initiate this service in Vietnam and this alliance clearly delivers the combination of HSBC’s innovation in payments and cash management services and Vietnam Post’s operational depth and leadership to deliver a unique and value added service. Our partnership will be welcomed by both consumers and merchants as a convenient and efficient way to settle and collect bill payments.

“In addition to providing convenience to consumers, the arrangement will also help reduce costs and improve efficiency for companies using this service, as collections will be handled by both VNPost and HSBC. The reconciliation process for merchants is further streamlined through automation of data capture and online consolidation reporting via HSBC’s internet banking platform HSBCnet,” reported the website.

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