HSBC has launched a 'plug-and-play' outsourced payments system for corporates and banks looking to ease back office connectivity issues and lower the ongoing fixed costs associated with managing their own transaction processing activities.The managed payments service combines a Swift-accredited service bureau offering with HSBC's global transaction processing capabilitie, enabling one-stop presentation of all transaction types through a single SwiftNet pipe. The package uses SwiftNet FIN and FileAct as core communication channels for a broad range of transaction types and can support a multi-banking approach.
Payment types covered by the modular system include ACH, domestic and cross-border wire transfers, direct debit initiation, Sepa compliant instruments, 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 says the service eliminates the need for clients to maintain separate vendor relationships for connectivity and payments processing and minimises capital expenditure costs.
The service has been successfully piloted by Standard Bank Offshore Group Limited (SBOG). Jonathan Reynolds, director, operations at SBOG, says: "The outsource service has enabled SBOG, in its payment activities, to enjoy and offer the benefits of a large global bank whilst focusing on service delivery to its clients in its chosen key areas of expertise."
A similar service bureau-based system was launched by Royal Bank of Scotland just last week.
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