HSBC, one of the world's largest banking and financial services organizations, has chosen SunGard to implement a solution for its UK-based leasing and asset finance operations.
HSBC, already a SunGard customer, will use the solution for its equipment finance business across Great Britain, Northern Ireland and the Channel Islands.
The solution is delivered by SunGard through its partnership with asset finance software provider Northern Arch, whose technology helps innovative leasing businesses such as HSBC to realise greater functional flexibility and an increased capability to price more complex deals. A multi-currency solution which supports taxation, accounting and regulatory conventions internationally, the software will allow HSBC to manage its operations across multiple subsidiaries and locations. All tasks from point of sale or origination through to securitization are managed in a single system, using one database.
Derren Sanders, Head of Equipment Finance at HSBC's Commercial Banking business, said: "When the opportunity arose for SunGard to deliver our leasing software, the strong existing relationship between us meant that we felt confident that it would be the right choice. With the offering from SunGard and Northern Arch, we are looking forward to quicker processing, greater automation and a solution that will help our leasing and asset finance operations to explore new boundaries".
Lester Singleton, founder and chief executive officer at Northern Arch, said: "We are very pleased that HSBC has selected our software through this joint venture with SunGard. The solution will help HSBC to develop new business opportunities, capitalise on existing opportunities through more efficient end-to-end processing, and provide Web-based access to customers and business partners."
Ken Dummitt, president of SunGard's banks and corporations business, said, "We are pleased that HSBC decided to extend its relationship with SunGard. The combination of specialist software that is developed by a niche provider and delivery by an experienced, global team from SunGard is the best of both worlds for an organisation like HSBC that continually strives to pioneer best-practices banking."