HSBC launches a value-added application to help its clients cut payment repair fees.
The key point highlights the new tool’s functionality and benefits:
– allows clients to validate BIC and IBAN details before payment or submission
– assist clients in achieving higher straight through processing (STP) levels, especially in Europe benefiting from lower costs and minimised risk of payment delays or rejections
Petra Financial launched early this year and has signed six new clients already for the new solution including Clydesdale bank, CaxtonFX and First National Bank of South Africa.
“The introduction of new standards in Europe has had an impact on many of our clients worldwide,” says Paul Nixon, senior product manager, HSBC Bank Plc. “For a variety of reasons, it has proved difficult for many of our financial institution and corporate clients to get hold of the information needed to complete a payment in accordance with the new standards. By teaming up with Petra Financial, we have been able to come up with a way of making it easier for our clients to achieve significantly higher STP levels. And by incorporating this STP tool as an integral part of a global BIC lookup application, we feel we have gone a long way towards meeting our clients’ needs for global payment solutions.”
“It is exciting for us that an institution as large as HSBC also has the vision and desire to be innovative in its approach to delivering customer service,” says David Sinclair, CEO, Petra Financial. “As services become ever more commoditised, it is through innovation that banks will set themselves apart from their competitors. At Petra Financial, we see it as our role to assist HSBC in the delivery of the innovation that will see the bank meet its business objectives.”
D.C.