Inflectra Migrating Bank Accounts to Bank of America from HSBC

3-Aug-2021 by Adam Sandman Company News

Earlier this year, our primary bank HSBC Holdings Ltd announced that it would be exiting the USA retail market for personal and business customers by the end of 2021. In order to provide a seamless transition for our customers and suppliers, Inflectra is in the final stages of migrating its business operations from HSBC to Bank of America. This article provides information on the transition for our customers and suppliers.

Background

Since its inception in 2006, Inflectra Corporation has used HSBC Bank USA as its primary banking partner. We chose HSBC in 2006 because of our planned focus on International customers and businesses around the world. We knew that making it easy and convenient for our customers and suppliers to do business with us regardless of their geographic location was important. For the past 15 years we have enjoyed the support and assistance from HSBC.

However on May 27th, 2021, HSBC Holdings announced that it would be divesting its entire US branch network to two different banks - Citizens Bank and Cathay Bank. This divestiture is planned to take effect sometime at the end of 2021 / early 2022. Upon the closing of the transaction, all existing HSBC business accounts will be transitioned over to new SWIFT codes and Account Numbers. Since this would result in a large disruption to our customers, and because we did not believe that the successor banks would be a strategic fit for our business, Inflectra has been in the process of transitioning its business to a new partner - Bank of America, based in New York, NY and Charlotte, NC. Since we are able to continue both our new and old accounts in parallel until 2022, we believe that this approach will result in the least disruption for our customers, partners and suppliers.

In the following sections we will outline the changes (if any) you will need to plan for.

How Will This Affect Our Customers?

Customers Who Pay By EFT / ACH

For those US customers who typically pay Inflectra using the domestic electronic payment systems ACH or EFT, you will need to start using our new Bank of America ABA routing number and account numbers. You can get the correct ABA routing number by going to the Customer Area on our website and viewing any of your past invoices. All invoices now include the new banking information, regardless of the invoice date. You will know it is the correct information if it has routing number 052001633 for ACH payment, and 026009593 for wire payments. If you are using the older HSBC routing numbers and bank account numbers, they will continue to work until the end of 2021, but we recommend updating your records as soon as possible.

Customers Who Pay By Wire Transfer

For those International customers who typically pay Inflectra using the international SWIFT electronic payment system, you will need to start using our new Bank of America SWIFT BIC code and account numbers. You can get the correct SWIFT BIC code by going to the Customer Area on our website and viewing any of your past invoices. All invoices now include the new banking information, regardless of the invoice date. You will know it is the correct information if it has SWIFT BIC code BOFAUS3N and BOFAUS3NXXX. If you are using the older HSBC routing numbers and bank account numbers, they will continue to work until the end of 2021, but we recommend updating your records as soon as possible.

Customers Who Pay By Credit Card

Those customers that pay Inflectra using a credit card (Amex, Visa, MasterCard, Discover) or PayPal will not have to make any changes. We are using the same Merchant Services provider (Global Payments Inc.) and all payments are seamlessly being routed to our new Bank of America accounts.

Customers Who Pay By Check / Cheque

Those customers in the USA and Canada that mail us paper checks / cheques can continue to do so without any change. We are now depositing them into a Bank of America account vs. HSBC, but you should see no difference.

How Will This Affect Our Suppliers?

Finally, for our suppliers, we are now making all payments electronically either by credit card or by EFT/ACH/Wire from our Bank of America accounts. There should be no change from before except that the bank account you will see on your electronic receipts will have changed. There is no specific action you need to take. We have already migrated over all suppliers and vendors to Bank of America.

Where Can I Get More Information

If you have any questions or need to get additional documentation from us to update our bank account in your accounting system, please contact us at sales@inflectra.com and we will be happy to assist.