HSBC Bank (China) Company has launched a new payment system, to enable firms to submit paperless cross-border payment documents electronically through HSBCnet.

Designed to centralise and standardise all cross-border payments, the new paperless solution will be especially useful for companies like Laird Technologies a network of branches across the Mainland for their cash management requirements.

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Using the new service, companies can review their documentation through a shared services centre, which will be processed by HSBC.

Additionally, the lender has also performed the first electronic tax payment for a Shanghai-based corporate client.

According to HSBC, the new tax payment solution will deduct funds in real time and enable customers to complete tax reports and process payments on the State Administration of Taxation’s system terminal from any location.

The new service will also be extended to the bank’s other branches across the country by the end of 2013 including Beijing, Tianjin, Xiamen, Chengdu and Chongqing.

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HSBC’s head of global payments and cash management in China, Kee Joo Wong, said: "Regulatory authorities are changing the cash management landscape to improve the ease of doing business in and with China. It is important, therefore, that treasurers remain up-to-date with new opportunities to enhance their cash management capabilities in China.

"We will continue to invest and innovate in the technology that will enable our customers to access robust cash management solutions as China evolves," Wong added.