HSBC digitises working capital for corporates with market leading platform
Through a secured digital information exchange platform, HSBC DART improves the reconciliation process thereby facilitating stronger sales growth for corporates. In addition, HSBC DART brings transparency and monitoring capabilities, enabling HSBC corporate clients and their customers to track information and view all actions taken by either party.
Winnie Yap, Head of Global Liquidity & Cash Management, HSBC Singapore: “Supply chain resilience has become synonymous with digitisation, and the receivables reconciliation process is a prime candidate for transformation. HSBC DART directly addresses the pain points by bringing efficiencies to both our clients and their customers through reduced paperwork, improved traceability and automated utilisation of credit notes.”
Overcoming receivables reconciliation challenges
Reconciliation remains a key challenge for treasury functions who receive and process large volumes of payments on a daily basis. The process of identifying payers and matching with invoices is typically an intensive manual process that can take several days, weighing on resources, causing delivery delays and impacting customer satisfaction. Inaccuracies and insufficient data add to the complexities, and are compounded for corporates receiving bundled invoices in a single payment from local and international customers.
HSBC Singapore’s client, Danone, a world leading food company with regional headquarters in Singapore, commented on the challenges that treasury functions face when managing the accounts receivables reconciliation process.
Zurab Abutidze, Regional Treasury Director, Asia Pacific and Middle East, at Danone: “Automation of the accounts receivable reconciliation process is a key challenge faced by treasury teams. Visibility of incoming payments is hampered by time spent sorting payments which can come in the form of multiple invoices. By streamlining and automating this process we could redeploy personnel to other value-added initiatives. We are under pressure to deliver greater value using less resources and banks are the right partners to help us integrate modern technologies to our internal systems, including increasing automated reconciliation rates.”
DART is a new HSBC tool to expedite exchange of invoice and payment information
HSBC DART is available to corporate customers in Singapore via HSBCnet and Android app. HSBC will progressively widen the capabilities available on HSBC DART as the Bank continues to optimise its digital services to support customers.
Investment in digital capabilities
The launch of HSBC DART in Singapore forms part of the Bank’s continued investment into innovative digital tools which enable its corporate clients to capture strategic opportunities more securely and efficiently. Recent digitally-driven solutions include:
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HSBC Global Wallet - the first multi-currency digital wallet for corporate customers provides a single platform for sending, receiving and holding cash in multiple currencies. Using the bank’s global payments network, customers can ‘pay and receive like a local’ – significantly reducing the time in which money can be delivered to a beneficiary’s account.
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AiPEX5 – HSBC’s first Index Linked Structured Note to utilise artificial intelligence (AI) as a method for equity investing. AiPEX5 turns Big Data into investment insight by using AI to evaluate stocks with the aim of generating positive long-term returns to build wealth for investors.
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HSBC FX Everywhere - uses a Distributed Ledger Technology (DLT) solution to orchestrate payments resulting from internal FX back-to-back trades.
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Digital asset venture - ongoing exploration of the use of DLT to upgrade current market infrastructure, namely through a partnership with SGX and Temasek to explore digital bond issuance.1
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HSBC Omni Collect - One-stop digital solution for all collections needs, providing merchants with a payment terminal device which comes with an in-built PayNow QR function that is ready for immediate use as well as support online collection.
Media enquiries:
Lucy Stewart | lucy.stewart@hsbc.com.sg | +65 9658 3405
Note to Editors:
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.