HSBC’s UniTransact to streamline cross-border transactions

New platform addresses digital payment challenges, enhances transaction efficiency in Indonesia.

As Indonesia's digital economy continues to thrive, HSBC is introducing innovative solutions to support the surge in digital payments and financial technology adoption among its corporate clients. 

Anne Suhandojo, Country Head of Global Payments Solutions at HSBC Indonesia, said, "Indonesia's digital economy is very flourished." She said that it could reach $360 billion by 2030, driven by the rapid expansion of online services and a widespread acceptance of digital payments, bolstered by advancements in financial technology.

In 2023, HSBC International launched 'UniTransact,' a digital platform designed as a centralised hub for managing foreign currency and international payment transactions. This innovation is part of HSBC’s response to specific customer pain points identified through extensive market feedback. 

"When they did cashless transactions, as well as cross-border payments here are usually the usual processes, FX rates booking needed to be done through phone calls," Suhandojo explained. She also noted the challenges of manual processes: "And the FX underlying documents which are required for Indonesian customers needs to be submitted to the bank manually through email."

UniTransact aims to provide a seamless experience that minimises manual intervention by automating the journey from transaction authorization to digitising document submission and enhancing payment tracking capabilities. "So enable the customer to monitor the fund flow from end to end," she stated, underscoring the platform’s ability to improve operational efficiency and customer satisfaction.

Moreover, Suhandojo addressed the broader corporate behaviour shifts towards ecommerce and digital invoicing, driven by the need for efficiency and cost reduction. "Corporates are also engaging in payment providers payment gateways to support their online sales. So also the collection can be received online," she said, indicating a significant move towards more digital and cashless transactions.

Another cornerstone of HSBC’s support for Indonesia’s digital economy is the Omni Collect platform. Launched in partnership with a local FinTech company, Omni collect has processed approximately 1.2 million transactions in 2023 alone. The platform allows businesses to accept a wide array of payment methods, from physical stores to online and mobile platforms, encompassing credit cards, virtual accounts, and wallets.