Cashflow management aid for treasurers

HSBC Global Transaction Banking has launched its new Managed Payments Service (MPS), which allows customers to outsource key elements of payments activities, connectivity and data integration.

Available initially to financial institutions and large corporate customers looking to pursue an in-house bank or payment factory strategy, the solution provides a flexible, multi-bank proposition over the SWIFT network.

As treasurers look to maximise liquidity though solid cash management processes, HSBC’s Managed Payments Service “allows them to manage their cashflow efficiently, improve their security and internal audit controls, and simplify their reconciliation and risk management”. The solution also provides a variety of connectivity options within a secure environment, which will easily connect with an institution’s own systems.

MPS provides a multi-bank proposition via the SWIFT network and also plugs into the HSBC global clearing network with automated linkages to the various payment and clearing systems. It also offers a wide range of components based around a modular approach, meaning customers can add extra services according to their needs and adapt them over time.

These include:

• data capture and transformation, allowing for straight through processing
•  account level intraday reconciliation, improving efficiency and exception management
• anti-money laundering (AML) screening and the operational tools to facilitate internal AML management
• access to a SWIFT service bureau for day-to-day management
•  technical consultancy to implement the service within a customer’s business

Andrew Long, head of global transaction banking at HSBC, said, “Financial institutions are increasingly looking at how managed payments can increase efficiency and improve risk controls. On the other side, very few corporates have the scale to operate their own, in-house bank and in an increasingly competitive market they are looking for reliable solutions to help them better manage cash and increase liquidity. HSBC’s Managed Payments Service allows institutions to outsource back office payment processes in a flexible way, tailored to their needs and existing structures. Customers can enjoy the benefits of access to a large, global bank whilst retaining their current relationships, allowing them to concentrate on building their businesses.”