A.P. Moller - Maersk (APMM), in addition to owning one of the world's largest shipping companies, is involved in a wide range of activities within the energy, shipbuilding, retail and manufacturing industries. APMM appointed HSBC as its cash management banking partner to help centralise its payments processes across Asia-Pacific.
HSBC's solution in Bangladesh went live in June 2009 and delivers standardised and cost-effective payments processes to enable APMM to initiate payments in Bangladesh through its shared service centre. APMM benefits from a streamlined and fully automated payments process delivered via HSBC Connect, HSBC's host-to-host corporate connectivity solution.
Under the new arrangement, payment instructions are sent from APMM's SAP ERP (enterprise resource planning) system to HSBC via HSBC Connect. Once received, HSBC issues cashier's orders through its Cheque Outsourcing Service. Automated reconciliation is supported by the delivery of statements in "FINSTA" format to APMM.
The Implementation team at APMM, Bangladesh, acknowledge that: "HSBC's in-country expertise and thorough understanding of treasury operations enabled it to successfully implement a solution to streamline our payments operations across Bangladesh."