HSBC Offers a ‘Plug and Play’ Managed Payments Solution

16 September 2008

Today, HSBC Bank plc (“HSBC”) launches a managed payments solution, tailored for financial institutions and corporate clients looking to outsource key elements of transactional activity, connectivity and data integration.

The HSBC managed payments solution combines enhanced SWIFT connectivity through a SWIFT accredited service bureau with HSBC global transaction processing capabilities. It is fully integrated with HSBC systems to enable seamless presentation of all transaction types through a single SWIFTNet pipe. This creates a ‘payments superhighway’, which provides the integration of data and controls the electronic connectivity between the client’s back office and HSBC payments processing. In addition, the use of SWIFTNet FIN and FileAct as core communication channels allows access to a broader range of transaction types and can support a multi-banking approach.

This intelligent package uses a modular approach to support a range of payment types including; ACH payments, wire payments, both domestic and cross-border, direct debit initiation, SEPA-compliant payments, UK Faster Payments, cheque and draft issuance. It also provides automated clearing data processing, receivables information processing and integration, AML filtering, automated reconciliations and even incorporates a leading treasury management system.

Michael Cannon, head of payments & cash management, Europe, HSBC said: “Clients now want access to the many benefits of SWIFT connectivity that the larger financial institutions have had for years - seamless integration, better access to information about their payments, improved reconciliation, reduced costs and efficient liquidity management. Our solution is one which puts connectivity to work for the client.

“We are pleased to have taken a lead in providing an integrated solution which eliminates the need for our clients to maintain separate vendor relationships for connectivity and payments processing.”

Successfully piloted by Standard Bank Offshore Group Limited (SBOG); Jonathan Reynolds, Director, Operations at SBOG, said: “HSBC’s SWIFT solution has enabled Standard Bank Offshore Group, in its payment activities, to function as a large global bank whilst focusing on service delivery to its clients in its chosen areas of expertise.”

The HSBC managed payments solution is scaleable and relevant to both financial institutions and other corporate clients. It enables clients to switch from a fixed cost to a variable cost model to support back office payment processing. The solution also benefits from automatic upgrades as software updates are implemented, allowing savings on annual technology maintenance costs as well as minimising capital expenditure and improving cash flow.

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