HSBC Global Payments and Cash Management has rolled out its latest automatic reconciliation system for fast moving consumer goods (FMCG) clients in Asia-Pacific, to help boost their cash receiving rate.
Belonging to the lender’s integrated receivables solutions (IRS) product suite, the new system has been designed to automate the reconciliation of incoming payment advice details against outstanding invoice records.
HSBC global payments and cash management head John Laurens said, "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."
Automating reconciliation process for FMCG firms require considerable capital and IT investment, as they receive bulk payments from their customers for multiple invoices in various and complicated remittance advice formats and payment types.
Capable of matching the payments credited against the corresponding payments advices, the new reconciliation system automates the reconciliation of payments and remittance details.
This helps faster releases of cash trapped in the accounts, while eliminates manual processes and minimizes operational costs and faults.
The bank is offering its automatic reconciliation system throughout 17 markets in Asia-Pacific, and is planning to offer the same to other industries in future.