HSBC issues first renminbi cashier’s order in Hong Kong
HSBC has issued its first renminbi cashier’s order in Hong Kong on behalf of Hung Fook Tong Holdings, a Hong Kong-based herbal tea company.
“The development of renminbi investment products and increasing cross-border settlement in RMB in Hong Kong is gaining traction and remains an initiative fully supported by HSBC,” said Albert Chan, HSBC’s head of commercial banking in Hong Kong, in a statement. “As penetration of renminbi products and increased trade settlement are likely to gather momentum, customers will demand increased options from banking partners.”
HSBC’s renminbi cashier’s order provides its customers with a streamlined method of guaranteeing payments without requiring beneficiary account numbers. It also offers the additional convenience of not having to maintain a renminbi current account. Customers can subscribed to renminbi IPOs, effect insurance premium payments, local vendor payments and salary payments through this service.
Citi expands treasury platform for corporations
Citi global transaction services (GTS) has enhanced its web-based treasury management platform, TreasuryVision. TreasuryVision provides companies with a globally visible single portal to view cash positions, create cashflow forecasts and manage global liquidity and counterparty risks more effectively.
“Intercompany lending is an important source of funding for global firms,” said Elyse Weiner, global head of liquidity and investments at Citi GTS, in a statement. “A well-run programme gives a company greater control over funding sources, tax liabilities, repatriation and foreign exchange exposures, all of which reduce its risk profile.”
A new module has been launched within TreasuryVision and has made managing internal lending relationships between legal entities simpler.
“This new service provides a well-defined loan management process. It simplifies the complexities of coordinating even the most elaborate cross-border lending activities without requiring an investment in technology,” said Cindy Gerhad, global head of TreasuryVision with Citi’s GTS, in a statement. “It eliminates less efficient tracking via spreadsheets and offline archives of loan agreements.”
BNP Paribas chooses trade solution from SS&C
BNP Paribas North Asia has implemented TradeThru, a trade processing solution for corporate treasuries, central banks and commercial banks from SS&C, a global provider of financial services software and software-enabled services. The new solution will provide BNP Paribas with flexible reporting and operational efficiency gains.
“We are now moving towards our goal of operational excellence, and our latest investment in TradeThru for our North Asia operations is another step in sustaining our long-term relationship with SS&C,” said Nicolas Hazebrouck, head of IT asset liability management and local foreign exchange back-office at BNP Paribas, in a statement. “TradeThru is helping us introduce more consistency and efficiency around our trading operations and client service.”
The North Asia implementation is the third in a series of TradeThru migrations BNP Paribas has undertaken. The new implementation will service Beijing, Manila, Seoul, Shanghai and Taipei.
Swift launches new suite of services
The Society for Worldwide Interbank Financial Telecommunication (Swift) has launched a range of new initiatives designed to reduce settlement errors and improve the rates of automation for standing settlement instructions (SSIs).
The first initiative is the launch of a global SSI repository. The second is the creation of a standard messaging formation for distribution of cash SSI updates. The third is the availability of a diagnostics service that informs clients when counterparty SSIs held in payment application are incorrect and details corrective measures.
“The lack of a single source for SSI information has led to payment failures, costing banks considerable time and money. In the age of automation and real-time reporting, it is crucial that this situation improves,” said Patrik Neutjens, head of reference data at Swift, in a statement. “These three initiatives will provide a comprehensive solution to some of the problems with changing SSIs. Swift’s efforts will drastically improve the situation, culminating in a standard message format to allow banks and other financial institutions to efficiently update each other on changes to their SSI arrangements.”
