HitPay launches Virtual Accounts to serve finance teams across Southeast Asia

HitPay has rolled out a new set of tools designed to pull scattered finance workflows into one place, starting with a feature called HitPay Virtual Accounts that lets businesses collect B2B payments and manage customer transactions from a single account. The launch, part of a broader product line HitPay calls CFO Stack, targets a persistent headache for growing companies across Southeast Asia: chasing down bank transfers from corporate customers and manually matching them against invoices.

Key takeaways

• HitPay’s Virtual Accounts let businesses manage customer payments and B2B collections within a single HitPay account.
• HitPay already supports more than 15,000 finance teams across Singapore, the Philippines, and Malaysia.
• Businesses pay a fixed cost per transfer instead of percentage-based fees.
• Virtual Accounts run under HitPay’s licenses as a Monetary Authority of Singapore Major Payment Institution and a Bangko Sentral ng Pilipinas-registered operator.
• Funds land in the merchant’s HitPay Wallet and are paid out on the normal payout schedule, since Virtual Accounts are a collection method rather than a separate bank account.

HitPay launches CFO Stack with Virtual Accounts for SME finance operations

HitPay’s answer to fragmented finance operations is Phase One of CFO Stack, and it centers entirely on B2B collections. Instead of forcing businesses to juggle separate systems for accepting customer payments and receiving corporate bank transfers, HitPay Virtual Accounts bring both into the same dashboard. Companies keep using their existing HitPay payment methods for everyday sales while gaining a dedicated channel to receive transfers from other businesses.

That matters because corporate customers rarely pay through cards or digital wallets. They tend to rely on bank transfers, largely because that’s how their own accounting and approval processes are built. For the business on the receiving end, though, this has traditionally meant extra manual steps: confirming that money actually landed, then matching it against the right invoice by hand.

The scale of adoption already backing this rollout is notable. HitPay says it supports more than 15,000 finance teams spread across Singapore, the Philippines, and Malaysia, giving the company a sizable base of SMEs to introduce the new collections tool to as it scales across the region.

Key features and benefits of Virtual Accounts

The core promise of Virtual Accounts is speed and visibility: businesses get real-time confirmation the moment a transfer comes in, and that payment shows up as a charge inside the same reporting flow as every other HitPay transaction, cutting down the reconciliation work finance teams usually handle manually.

Real-time confirmation and reconciliation in one dashboard

When a corporate customer sends a transfer to a Virtual Account, the business sees it confirmed instantly inside the HitPay Dashboard. The payment is logged alongside other transactions rather than sitting in a separate ledger, which means finance teams no longer need to cross-check bank statements against invoices line by line. This kind of consolidated reconciliation directly addresses a problem flagged by McKinsey, which points to AI-powered agentic workflows as the next step in automating payable and receivable processes for CFOs trying to track working capital in real time.

A fixed cost per transfer instead of percentage fees

Pricing is where Virtual Accounts diverge from typical payment collection tools. Rather than taking a cut based on the size of each transfer, HitPay charges a flat fee per transaction. For businesses handling large, high-value B2B payments, that structure can make a meaningful difference, since a percentage-based fee scales up with the transfer amount while a fixed cost does not. The feature is built specifically with those higher-value transfers in mind, aiming to reduce manual work and smooth out payment operations as businesses grow.

Regulatory compliance and fund flow mechanics

Virtual Accounts are live in Singapore and the Philippines, and they operate strictly within HitPay’s existing regulatory footprint rather than under any new license. That framing matters for businesses weighing whether this counts as a MAS regulated payment product, since compliance is central to how the feature is positioned.

Operating under MAS and BSP licenses

HitPay runs Virtual Accounts under its status as a Monetary Authority of Singapore Major Payment Institution and as a payment system operator registered with the Bangko Sentral ng Pilipinas. In practice, this means the collections feature sits inside the same regulatory perimeter HitPay already operates in, rather than introducing a separate licensing arrangement.

Where the money actually goes

It’s worth being precise here: a Virtual Account is a collection method, not a bank account in itself. Funds received through it flow into the merchant’s available HitPay Wallet, then get paid out to the business’s linked external bank account according to its usual HitPay payout schedule. Nothing about the payout timing changes — the transfer simply enters the system through a different front door.

CFO Stack roadmap: what’s next for SME finance automation

Virtual Accounts are only the opening move. HitPay has laid out a two-step roadmap for CFO Stack: Phase Two, called BillPay, will handle supplier invoices, approvals, and payments inside the same platform, while Phase Three brings Payroll and Spend Management into the mix, extending the stack across more of the everyday finance workflows growing businesses juggle.

The push toward tighter B2B payment automation lands against a backdrop of real friction in the region. In Singapore, roughly four in five businesses surveyed by Atradius reported overdue B2B invoices, with delays frequently traced back to internal processes, approval cycles, and invoicing errors rather than customers refusing to pay. That’s the exact gap HitPay is aiming to close with a more connected approach to CFO Stack SME finance operations.

“Growing businesses manage more than customer payments. They also collect from other businesses, track incoming funds and keep financial records accurate,” said Aditya Haripurkar, Co-Founder and CEO of HitPay. “But SMEs have traditionally had to stitch these workflows together across different tools. CFO Stack is being built to bring more of these financial operations into one platform, starting with B2B collections through Virtual Accounts.”

Haripurkar framed the launch as a first step rather than a finished product: “With Virtual Accounts, we are helping businesses bring B2B collections into the same environment as the rest of their payment activity. The next phases of CFO Stack will continue building towards a more connected finance platform, where businesses can manage more of their financial operations in one place.”

FAQ

What are HitPay Virtual Accounts?

Virtual Accounts are dedicated account details that businesses can use to receive bank transfers from corporate customers, providing real-time payment confirmation and improving reconciliation.

Which markets are supported by HitPay’s Virtual Accounts?

Virtual Accounts support finance teams in Singapore and the Philippines.

How do Virtual Accounts help reduce manual work for businesses?

They provide real-time confirmation of B2B transfers and consolidate payment reconciliation within the HitPay Dashboard, reducing manual tracking and reconciliation.

What is the pricing model for HitPay Virtual Accounts?

Businesses pay a fixed cost per transfer instead of percentage-based fees, which helps manage larger payments efficiently.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.