HSBC opening up to multi-bank corporate connectivity solution
Using connectivity to break down information silos the first step to improving risk management for corporate treasurers. February 09, 2011 | Peter HoflichUsing connectivity to break down information silos the first step to improving risk management for corporate treasurers With interest in corporate connectivity on SWIFT growing at global MNCs, due to the efficiency in understanding financial risk and controlling liquidity, banks like HSBC are working more closely with SWIFT, as well as business solution providers like SAP that are embedded at corporates, to take the process to a new level. “We can empower these treasurers with the information that they need to do a better job of managing the liquidity, the risk, the coverage globally,” says Marcus Treacher, Global Head of Payments and Cash Management Client Experience and eChannels and SWIFT director in charge of corporate connectivity, of the intentions of the service. Currently, 700 multinational corporations have direct connectivity to SWIFT through a partner bank. While connectivity is sometimes viewed merely as a more efficient way to conduct payments, Treacher and his partners are hoping to create more value by using it as a stepping stone to help companies and banks both break through information silos to increase efficiency in accounting and risk management procedures, particularly for institutions that have multi-country operations. But for it to be efficient, Treacher wants to be certain that what is developed is a full multi-bank solution in order to get a true global view of all finances a company manages. The commonality in the equation is SAP, which is already a popular business software. Don Trotta, global head of financial services for SAP, notes that 100,000 enterprise customers in 24 industry groups around the world use the company’s management software, and estimates that 60% of all transactions in the world somehow touch an SAP system. The company started working with HSBC two years ago on the corporate connectivity project, and is now movin... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Cash, Treasury & Trade, Channels, Financial Institutions, Technology & Operationscash,Channels,fi,technology, Cash, Treasury & Trade,Channels,Financial Institutions,Technology & Operations, Keywords:Corporate Treasury, HSBC, SAP, SWIFT Corporate Treasury, HSBC, SAP, SWIFT
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