17 August 2017
visit www.avoka.com

HSBC introduces automatic reconciliation for FMCG clients

29 November 2012  |  2409 views  |  0 Source: HSBC

HSBC Global Payments and Cash Management today announced the launch of its new Automatic Reconciliation Solution specifically designed for Fast Moving Consumer Goods (FMCG) clients in Asia Pacific.

The new solution, which is part of the Integrated Receivables Solutions (IRS) product suite, will allow HSBC's FMCG clients to transform their Accounts Receivable cycle by automating the reconciliation of incoming payment advice details against outstanding invoice records, thus speeding up the application of their cash received.

John Laurens, Head of Global Payments and Cash Management, Asia Pacific, said: "By identifying the main challenges facing the FMCG sector, we have been able to successfully develop an innovative solution that specifically addresses their needs. With this solution in place, our FMCG clients will garner significant working capital benefits, as well as the ability to better manage their own credit risks thus enhancing business opportunities with their counterparties."

FMCG companies generally receive bulk payments from their customers for multiple invoices. To provide information on what invoices are being paid, remittance advices in varying file formats are sent by customers. Because of the numerous and complex remittance advice formats and payment types, automating this reconciliation process entails significant capital and IT investment. Hence, most corporates have resorted to a manual reconciliation process, which is both inefficient and time consuming.

HSBC's FMCG Automatic Reconciliation Solution automates the reconciliation of payments and remittance details by intelligently matching the payments credited against the corresponding payments advices. This unlocks the cash trapped in the Accounts Receivable cycle faster and with better control, while eliminating manual processes and reducing operational costs and errors.

Laurens continued: "As part of our integrated product suite, this solution is another example of how we make it easier for our clients to run their businesses in Asia, and evidences our commitment to continued innovation in the cash management space across the region."

Available across 17 markets in in Asia Pacific, the solution provides HSBC's clients with an opportunity to standardise and centralise their Accounts Receivables processes across the region. HSBC plans to extend this solution beyond FMCG to other industries in due course.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10222 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9563 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9385 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8401 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7881 views comments | 1 tweets | 2 linkedin

Featured job


Brussels or Frankfurt

Find your next job