HSBC has launched a series of virtual accounts which will enable its wholesale clients to consolidate bank accounts and centralise transactions.

The Next Generation Virtual Accounts are aimed at helping wholesale customers to carry out reconciliation in multiple currencies in more than 20 countries and will simulate the benefits of traditional virtual accounts by enabling treasurers to centralise payments and receivables across multiple and single entity structures.

Announcing the move, HSBC said that the accounts will mean hundreds of bank accounts can be consolidated into a handful, or as few as one account for each currency they use, with the virtual accounts acting as ledger records.

The virtual account structures can be managed online.

Suraj Kalati, global head of liquidity and investments and cash management at HSBC said: “Virtual accounts are a natural intercompany solution that enables everyone to focus on what they do best.

“Entities can focus on buying and selling, without having to manage physical bank accounts, while the corporate treasury gains greater visibility of the overall cash position and more control over their use of funds,” he added.

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