Changing from Business Internet Banking to HSBCnet - Canada ... Please refer
to the cover letter included in your Migration Package for the date when your BIB
...
Changing from Business Internet Banking to HSBCnet - Canada Frequently Asked Questions
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More about this change ____________________________________________________ Why is my online banking service being switched to HSBCnet? We are optimizing the way that we develop and deliver online business banking services globally across HSBC in order to continually improve our services for our customers. As such, we have made the decision to no longer offer and support BIB and will replace this with our HSBCnet platform. Your organization will be transitioned to HSBCnet to provide you with more powerful business banking services. HSBC continues to invest in HSBCnet year over year. The strategically designed platform is updated on a quarterly basis to meet your longer term banking needs.
What are the benefits to me? HSBCnet is our global market leading Internet banking service that is designed to grow with the needs of your business, whether you simply view recent transactions and make local payments or complete more complex transactions from global accounts using real-time foreign exchange rates. Payment Templates, reports and access to Trade products and solutions have been designed to improve the efficiency of your cash flow and treasury management operations both locally and globally. Some additional HSBCnet features include: • Mobile banking • Access to global accounts and non-HSBC accounts • Up-front foreign exchange purchasing with Get Rate • Secure 2-factor authentication and transaction signing • Payment alerting and advising • Consolidated electronic billing statements for all your accounts • Available in 16 different languages
Are there any features in Business Internet Banking that are not available in HSBCnet? All of the same core functionalities you are used to on Business Internet Banking are available on HSBCnet. For additional details, please review the Business Internet Banking to HSBCnet Comparison Sheet included in the additional information section of this FAQ. Our HSBCnet Customer Support team is available to assist when customer queries arise. Please contact HSBCnet Customer Support at 1-866-684-4722 (toll free), Monday through Friday, from 8AM - 8PM EST or via email at
[email protected].
Do I have to pay more for HSBCnet? As detailed in your Migration Package, there will be no changes to your existing service charges with the exception of new wire pricing items. We have included a Wire Pricing Guide in your mailed out Migration Package to provide full disclosure of applicable fees. For any other fees, service charges are reviewed on an annual basis.
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Should you request additional features following the migration, standard pricing will apply for all of your HSBCnet products and services. Should you require additional services, please contact your relationship manager.
What do I need to do to as a result of the switch to HSBCnet? Please refer to the Getting Started Checklist included in your migration package for detailed instructions on how to get started. The checklist is also available online at http://www.hsbcnet.com/welcomebib-ca-e.
When will this change happen? ____________________________________________________ When will my access to Business Internet Banking stop? Please refer to the cover letter included in your Migration Package for the date when your BIB access will stop.
When will my access to HSBCnet begin? Please refer to the cover letter included in your Migration Package for the coexistence start date applicable to your Company.
Can I have access to both systems during the transition period? Yes, for a period of 3 weeks (referred to as the ‘co-existence period’) after you receive your HSBCnet security device, you will have access to both Business Internet Banking (BIB) and HSBCnet. If you currently submit Electronic Funds Transfers (EFT) payments on BIB EFT payments must be moved to HSBCnet by the end of the eleventh business day of the co-existence period after which date this functionality will no longer be available on BIB. Your ability to make EFT payments on HSBCnet will begin on the twelfth business day of the co-existence period. The HSBCnet Customer Support team will contact EFT customers prior to this date to schedule a complimentary training session.
Will my transactions and account information be displayed on both systems during this transition period? Yes, both systems will reflect your account activity throughout the co-existence period.
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Contract and Terms & Conditions ___________________________________________________ How will you handle my existing contract for Business Internet Banking and my new contract for HSBCnet? Please refer to the Notice of Amendment of Business Internet Banking Terms and Conditions and Notice of New Terms and Conditions for our provision of HSBCnet located in the Quick Links section of the Welcome Business Internet Banking Customers homepage.
What are the Terms and Conditions of HSBCnet? Please refer to the Notice of Amendment of Business Internet Banking Terms and Conditions and Notice of New Terms and Conditions for our provision of HSBCnet located in the Quick Links section of the Welcome Business Internet Banking Customers homepage.
When is my HSBCnet agreement effective? Please refer to the Notice of Amendment of Business Internet Banking Terms and Conditions and Notice of New Terms and Conditions for our provision of HSBCnet. You will be deemed to have accepted the E-Channels Master Agreement terms located in the Quick Links section of the Welcome Business Internet Banking Customers homepage upon your first use of HSBCnet.
What if I choose not to change to HSBCnet? There are currently no equivalent alternatives available. We regret any inconvenience you may experience but we believe that you will be pleased with the features, security and reliability that HSBCnet offers you. If you choose to decline access to HSBCnet you must do so in writing on your company letterhead to the address below. Once we receive this letter, we will terminate your online banking access. HSBC Bank Canada Global Payments & Cash Management - BIB Migration 885 West Georgia Street, 6/F Vancouver BC V6C 3E9 Canada Or by sending us an email at:
[email protected]
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Setting up HSBCnet __________________________________________________ How will I transition to HSBCnet? All of your accounts, active user profiles, active user entitlements, payment templates and payment history will be migrated over to HSBCnet for you. You are required to notify HSBC immediately of any error, omission or discrepancy in any migrated information. HSBC disclaims any and all liability for any error, omission or discrepancy that you do not rectify. We are committed to working with you to ensure you have the knowledge needed to meet your online banking needs. If you require additional support using HSBCnet, contact HSBCnet Customer Support at 1-866-6844722 (toll free) Monday through Friday from 8AM – 8PM EST or via email at
[email protected].
Do I need to set up entitlements on HSBCnet? User entitlements will be carried over to HSBCnet, so there is no work that you need to do to start using HSBCnet. However, your user entitlement history will not be carried over to HSBCnet. If you require this information, please retrieve it from Business Internet Banking and save it for your records. HSBCnet gives you the flexibility to enhance your online banking security by entitling specific employees to create and approve payments with different limits and for different accounts. This allows for the proper checks to be in place so that your payments are being made accurately.
What is a System Administrator? System Administrator(s) are equivalent to the BIB Primary Users and are responsible for setting up additional users and entitlements in HSBCnet. The Primary User(s) established on your Business Internet Banking profile will be transferred to HSBCnet as the System Administrator(s).
How does a System Administrator modify a User’s entitlements? A System Administrator can decide which employees in your company are able to view information, create/approve payments and specific limits for users and accounts. Should you require additional information please refer to the reference guide on the HSBCnet Help Centre after logging on to HSBCnet, or call Customer Support at 1-866-684-4722 (toll free) Monday through Friday 8AM 8PM EST or via email at
[email protected].
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I now use a Username, password and security device ...Will I access HSBCnet in the same way? For most users, you can access HSBCnet at HSBCnet.com with your same Username and password. If you have trouble logging on, call HSBCnet Customer Support at 1-866-684-4722 (toll free) Monday through Friday 8AM - 8PM EST or via email at
[email protected].
Will my account numbers change and do I need to notify my business partners/suppliers? Your account numbers will remain the same. There is no need to notify your business partners/suppliers of changes.
I have been asked to provide ...my date of birth for HSBCnet. Why do you need this information? For your security and to abide by increasingly stringent regulatory requirements, we collect basic personal information solely for the purpose of verifying your identity.
What payment types can be made on HSBCnet? HSBCnet offers the ability to make payments in many global as well as local payment types. The following payment types are supported: • Inter Account Transfers (IAT) • Wire Payments • Bill Payments • Electronic Funds Transfer (EFT) Payments Note: Payment services, features and functionality may vary by country and are subject to sanction and other regulations.
What happens to the scheduled payments and beneficiaries I have already set up in Business Internet Banking? Beneficiary details will be migrated over to HSBCnet as a payment template which can be used to make future payments. Authorised, forward-dated and recurring payments will also be migrated and continue to be executed in HSBCnet upon expiry of the co-existence period. You are required to notify HSBC immediately of any error, omission or discrepancy in any migrated information. HSBC disclaims any and all liability for any error, omission or discrepancy that you do not rectify. If you require assistance scheduling payments on HSBCnet, please log on to HSBCnet and refer to the HSBCnet Help Centre or call HSBCnet Customer Support at 1-866-684-4722 (toll free) Monday through Friday 8AM - 8PM EST or via email at
[email protected].
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How will my saved templates be migrated? Your saved templates will be migrated over from BIB into HSBCnet and you will be able to execute all the same transactions on the new platform. Some payment templates are identified differently in HSBCnet; please review the bullets below to ensure you know where to locate your payment templates on HSBCnet. • For Inter-Account Transfers (IATs) on HSBCnet, use the Inter-Account Transfer template screen. This is different than BIB where IATs are saved as “HSBC Bank Canada Accounts” payment transfers. • For Inter-Account Transfers (IATs) to other HSBC Bank Canada Accounts on HSBCnet, use the Priority Payment template screen. This is different than BIB where IATs to other HSBC Bank Canada Accounts are saved as “HSBC Bank Canada Accounts” payment transfers. • For Wire Payments (Priority Payment), Domestic and Overseas transfers on HSBCnet, use the Priority Payment template screen. This is different than BIB where Wire (Priority) Payments, are saved as “Other Accounts” transfers. You are required to notify HSBC immediately of any error, omission or discrepancy in any migrated information. HSBC disclaims any and all liability for any error, omission or discrepancy that you do not rectify.
What happens to repeating payments I have already scheduled in Business Internet Banking? Repeating or reoccurring payments will be carried over to HSBCnet.
What happens to cheques I’ve already written? The cheques you have written will be processed as usual and reflected in your transaction history. There is no need to notify your beneficiaries of the change.
What happens to payments that are still pending at the time I switch between systems? Pending payments that have been authorized on Business Internet Banking will be migrated over to HSBCnet toward the end of your co-existence running period. If you do not wish these payments to be migrated to HSBCnet, please delete these from Business Internet Banking in the first two weeks of your co-existence period. All of your payments from that point forward should be made on HSBCnet. Any outstanding/pending future-dated or recurring wire payments valued within 2 days of the co-existence end date may not automatically be migrated over. These payments may have to be manually input and re-submitted on HSBCnet. Please note: The ‘co-existence period’ refers to the three week period where you will have access to both your existing Business Internet Banking profile and your new HSBCnet profile.
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Can I view my previous account statements on HSBCnet immediately after upgrading? Yes, you will be able to view your account history for a period of 18 months of previous transaction history.
I have saved payment templates...Will I be able to use them in HSBCnet? Yes. Your payment templates from Business Internet Banking are available to you on HSBCnet. Please be advised, if you currently submit payments that require manual repair (NSTP - Non Straight Through Processed) in Business Internet Banking, you will be subject NTSP wire fees for these transactions on HSBCnet. Please refer to Wire Pricing Guide enclosed in your Migration Package for full disclosure of applicable fees. You are required to notify HSBC immediately of any error, omission or discrepancy in any migrated information. HSBC disclaims any and all liability for any error, omission or discrepancy that you do not rectify.
Will the payment limits be different from Business Internet Banking? Yes, payment limits are applied differently on HSBCnet. In Business Internet Banking, Daily Authorization limits and Daily Transaction limits apply across all types of payments and represent the maximum total amount that a user can authorize in one calendar day. In HSBCnet, Daily Authorization Limits and Daily Transaction limits apply per payment method and represent the maximum total amount per payment method that a System Administrator or User can authorize in one calendar day. Once you move to HSBCnet, your Business Internet Banking Daily Limit will be applied to the Daily Authorization Limits for each payment method on HSBCnet. This means that your System Administrators and Users will have more payment authorization capabilities on HSBCnet than they did on Business Internet Banking. For Example: Business ABC has a Daily Authorization limit and Daily Transaction limit of $10,000 in Business Internet Banking for User #1. This means User #1 can authorize payments of all types until the total amount on all payments authorized is $10,000 in one calendar day. Once Business ABC is migrated to HSBCnet, User #1 will have a Daily Authorization limit and Daily Transaction limit of $10,000 for each individual payments type. If User #1 has bill payments, wire transfers and ACH payments, they will now have a $10,000 limit for bill payments, $10,000 for wire transfers, and $10,000 for ACH payments. This means User #1 can now authorize a total of $30,000 in payments on one calendar day. Daily limits on HSBCnet can be adjusted by your System Administrator(s) via the HSBCnet Administration tools as you deem appropriate. If you require assistance adjusting Daily limits on HSBCnet, please refer to the HSBCnet Help Centre or call HSBCnet Customer Support at1-866-684-4722 (toll free) Monday through Friday 8AM - 8PM or via email at
[email protected].
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Will I be able to use my Business Banking Security Device for HSBCnet? No, your Business Internet Banking Security Device and your HSBCnet Security Device are not interchangeable. You will receive a new HSBCnet Security Device. This will provide you with access to HSBCnet and once in the system, you may be prompted to enter the Security Device code to make changes or conduct transactions.
What should I do with my Business Internet Banking Security Device? If you wish to use Business Internet Banking during your 3 week transition period (see question “Can I have access to both systems during the transition period?”) do not dispose of your device until your Business Internet Banking access is terminated. Once you are set up on HSBCnet, we recommend that you dispose of your Business Internet Banking Security Device in the same environmentally friendly manner you would dispose of other electronic devices.
Learning how to use HSBCnet and accessing support services __________________________________________________ How will I know how to use HSBCnet once I’ve been set up? For further learning at your convenience, please visit the HSBCnet Help Centre from the tab at the top right hand corner after logging on to HSBCnet. Training and reference materials are available to you directly from the main page by clicking on the “Just Migrated to HSBCnet?” box on the right-hand side. The training material will help you understand how to use the key features of HSBCnet that you expect to use most. This training module will provide you with videos and quick guides to easily walk you through: • How Do I Create a New Payment? • How Do I View and Print Statement Details of an Account? • How Do I Download a Report? • Personalize (video) • Entitlements - Providing User Access to HSBCnet Functionality • Security, Fraud Prevention, and Audit
Who do I call if I need personal assistance with HSBCnet and what hours can I reach them?
Should you require additional information please refer to the reference guide on the HSBCnet Help Centre after logging on to HSBCnet, or call HSBCnet Customer Support at 1-866-684-4722 (toll free) Monday through Friday 8AM - 8PM EST or via email at
[email protected].
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Who do I contact about my EFT service? The HSBCnet Direct Services team will be the designated point of contact for customers who subscribe to the EFT service. If you are an EFT customer requiring assistance, please contact the HSBCnet Direct Services team at 1-866-374-4722 (toll-free) Monday through Friday 8AM - 8PM EST or via email at:
[email protected].
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