Aitken Spence Financial Shared Service Centre gets enhanced cash management solution from HSBC

HSBC has successfully implemented a complete payment processing solution for Aitken Spence’s Financial Shared Services Centre. (FSSC)

The solution implemented by HSBC Payments and Cash Management has a host of unique features including the use of XML (Extensible Markup Language) based ISO 20022 which is now the global industry standard for data transmission.

In addition it offers data encryption on payment files using PGP which is a high-end encryption tool used globally, Host to Host connectivity through ‘HSBC Connect’ for seamless connectivity and secure file transmission and Automatic Account Reconciliation with FSSC’s Oracle ERP system. The solution was also customised extensively to meet Aitken Spence’s FSSC’s business requirements which provide end to end accounting support for more than 50 entities in multiple industries

All these features will significantly enhance the FSSC’s ability to process large payment volumes, improve operational efficiencies by eliminating manual interventions and most importantly become bank-independent by using a global industry standard for data transmission. Aitken Spence’s Chief Corporate Officer Vipula Gunatilleka stated, “We are happy to collaborate with a global bank such as HSBC who has set many industry standards with novel technological innovations and banking services. Our need was to have one single global industry standard for data transmission such as XML across the company and also with multiple banks we work with and HSBC was able to provide us with a total solution for this purpose. We look forward to a continued partnership with them in the future.”

The new cash management solution will benefit the users of the FSSC by providing a single secure delivery channel for payments and reconciliation. It allows for automated processing of large and small volume payments, cross border payments, statement delivery, reconciliation and the tracking of files from receipt through to payment execution.

Head of Corporate Banking Chamira Wijetilleke stated, “We are happy to have marked a key milestone in implementing HSBCnet and HSBC Connect using the global industry standard for data transmission - XML to deliver an integrated payment solution to the Aitken Spence FSSC. HSBC is driven by innovation and technological development in all aspects of business. Therefore, we are happy to be able to offer the latest in industry standardisation coupled with the highest level of service to our valued customers to help fulfill their business needs.”