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Banking & Finance

HSBC launches Vietnam's first Omni Channel Collections Solution

Released at: 13:37, 29/11/2019

HSBC launches Vietnam's first Omni Channel Collections Solution

Photo: HSBC Vietnam

Dynamic service supports businesses in providing multiple payment options on one single platform.

by Ngoc Lan

HSBC Vietnam has introduced an Omni Channel Collections Solution - a dynamic service that supports businesses, especially those who wish to develop e-commerce, to provide multiple payment options on one single platform.

The bank has selected Vietnam as the fifth market to deploy the service, which is the first collections solution of its kind in the country. The move is due to the country’s dramatic spike and the potential growth of e-commerce and m-commerce.

That, however, has forced businesses to expand their connections with various payment service providers, facilitating their customers’ diverse demands and expectations for payments, which has in turn led to more spending on system integration and operations.

Provided in partnership with VietUnion (Payoo), a leading Vietnamese fintech payment service provider, HSBC’s Omni Channel Collections Solution aims at tackling this pain point, providing an ideal one-stop platform for these businesses no matter whether they are doing business on e-commerce, m-commerce, or traditional sales channels.

When using the platform, businesses can enjoy the following benefits. Firstly, keeping pace with the increasing demands of consumers for new payment methods. The Omni Channel Collections Solution accepts transactions via not only traditional methods but also modern electronic payment methods such as QR code payments on mobile banking applications, e-wallets, and bank card acceptance on m-POS.

Secondly, when payments are made, corporates’ systems will send signals to HSBC for further processing and instantly receive real time online payment confirmation.

Thirdly, businesses can see the end-to-end flow of all transactions and monitor the transaction details of all outlets in their system.

Fourthly, all transactions in a day will be consolidated in a single and standardized report supporting businesses to access and handle information more efficiently.

Finally, instead of connecting to various payment service providers, corporates need only connect with HSBC Vietnam, minimizing operational costs.

Ms. Hanh Nguyen, Country Head of Global Liquidity and Cash Management at HSBC Vietnam, said that this ambitious, holistic, and digitalized solution has proved that banks and fintech companies can flourish in partnership and will help boost digital payments as per the government’s strategy to encourage cashless transactions. “We are very proud to be the first international bank and the fifth market in the world for HSBC to launch this innovative solution in Vietnam,” she added.

HSBC Vietnam’s current network includes two branches and five transaction offices in Ho Chi Minh City, one branch and four transaction offices in Hanoi, and two full-service branches in southern Binh Duong province and central Da Nang city.

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