05 June 2017

MENAT: A Digital Transformation

A recent HSBC Commercial Banking event in Oman considered the evolution of technology across Treasury functions. "Treasury Evolution" looked at the benefits of advancing technology for businesses across card, payment and trade finance operations.

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Innovation can be a bold move for businesses, but technological developments can help facilitate trade, ease issues of accessibility, reduce costs and improve security. This event encouraged participants to cut through the hype and mystique surrounding new technology and consider the real advantages it can deliver for the region’s businesses.

A Digital Transformation

The MENAT region is a market undergoing rapid development with a number of macro-economic factors, behavioural changes and shifts in regulation and infrastructure combining to create new opportunities for businesses.

To fully engage with these opportunities, a number of priorities are emerging. For businesses, being able to control costs and optimise their resources is vital if they are going to compete globally. Technology can be a real enabler in these circumstances.

Digital cash management solutions

Digital cash management solutions can boost visibility, control and accessibility for businesses looking to optimise their cash flow. The rise of virtual accounts and virtual cards and the shift from paper to electronic systems helps to increase efficiency and reduce costs.

Coming months will see the roll-out of a new payment infrastructure in Oman, ‘Go Digital’, which will help businesses improve their working capital management by reducing days sales outstanding. The system will also streamline salary processing, enhance reconciliation and reduce costs. Delivering greater efficiency to business processes creates a stronger platform for business growth.

Commercial Card Payments: The Future

Commercial cards can drive business efficiency by streamlining the travel and entertainment expense process and increasing visibility and control over supplier payments.

More efficient reconciliation, improved transparency and compliance and enhanced security means that Commercial Cards can deliver real benefits to the bottom line.

Commercial Card solutions today are much more than the physical card. They offer businesses access to smart data, which provides enhanced visibility over transactions, and the ability to integrate the data mined directly into your ERP systems. The advent of Virtual Cards takes this one step further. By generating unique, random numbers for individual transactions, Virtual Cards provide businesses with complete control over spend, immediate reconciliation and the ability to reduce the risk of fraud or misuse.

Technology: opening up new opportunities

Accessing and employing the right technology can help businesses seize new domestic and global opportunities. Improving control, reducing costs and enhancing efficiencies and security can boost trade flows and create a more stable, outward looking business. This is not only for businesses. As technology starts to belong in the everyday, KPMG predicts that by 2030, mass market retail banks will be largely invisible to consumers1. Instead, consumers will stay connected to their finances through e-personal assistants. Ongoing platforms such as SWIFT, and the emerging Blockchain are similarly beginning to open up and transform the financial ecosystem. Technology is beginning to make its waves for the way both consumers and corporates bank.

HSBC Connect

Being able to integrate your accounts payables and receivables with HSBC through HSBC Connect means you can streamline operations with a single global pipeline.

Providing a secure Host-to-Host solution, HSBC Connect integrates with your existing treasury functions, allowing you to improve processing whilst reducing risk and cost. It can be used as a standalone service or alongside HSBCnet.

HSBCnet: accessibility, control and security

Services such as HSBCnet allow businesses to access account information, trade, make payments and access enhanced data. The cost-effective, internet-based system is available anywhere at any time enabling businesses to retain control over accounts and payments.

Security – the system uses Industry Standard Encryption (SSL v3 128 bit encryption) and two-Factor authentication to ensure high security. The ability to track user activity and full reporting allows peace of mind.

Visibility – a single platform for all multinational entities’ accounts providing real-time information gives you greater control of your global finances.

Functionality – user-friendly screens allows authorisation levels and limits to be easily created. Flexibility to create future dated or large volume payments, receive payment notifications, add accounts and create customisable reports. Securely message HSBC staff and receive real time responses. Access HSBC trade solutions to expedite your trade cycle.

As part of HSBCnet, we also host our Internet Trade Solution (ITS) and Move Money.

  • Internet Trade Solution: A paperless offering to increase efficiency, reducing waiting time and allows our customers to initiate trade transactions from anywhere, at any time.
  • Move Money: A new payments screen for GMB and CMB corporate clients. The single screen across all global markets now makes it simpler, better and faster for corporate clients to make payments.

Technology will continue to help banks evolve in the future.

To find out more, read our recent infographic, and talk to HSBC about how digital technology can assist with your business payments.

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