Working Smarter B
For Your Captive or Cell HSBC leverages its global reach and technology to provide connectivity and world class services for its multinational clients.
EST’S REVIEW: What is the value of having payments and cash management expertise in Bermuda’s marketplace? JARED SMITH: Strong cash management is vitally impor- tant to our clients’ success, so we view this as a commercial
business rather than as a set of individual transaction capabilities. We recognize the importance for our clients to closely manage their working capital. Taking a business view rather than an operational view, we remain focused on our clients’ business requirements and in delivering solutions for their payable, receivable, information delivery and liquidity manage- ment needs. Expertise in developing solutions for these requirements results in more effective and efficient transaction services for our clients. BR: What challenges do management services face from one
jurisdiction to the next and how does the bank resolve these? GORD SCHARF: A major challenge faced by our clients work-
ing across multiple jurisdictions is their access to consistent banking information. Effective cash management in a single location requires access to the information associated with your banking activity, and the ability to send and receive payments to settle accounts payable, reconcile accounts receivable, etc. Clients working across jurisdictions will require the same for each country in which they operate, and an understanding of the differences in banking practice and local clearing systems. The ability to connect a company through a uniform banking platform, and deliver payments and information consistently, allows HSBC to make the world look smaller for our clients. BR: What is the significance of Bermuda’s multi-currency envi-
ronment? JS: The ability to hold and transact multiple currencies is not as com-
mon a practice within the Americas region. With Bermuda’s concentra- tion of globally focused businesses, particularly in the insurance sector, there has long been the ability to manage banking in Bermuda’s local Bermuda dollar, as well as U.S. and Canadian dollar, euro, sterling, and many others. This offers Bermuda a unique opportunity to become a cash and liquidity management center within the Americas for multina- tional corporations managing payments and collections in multiple cur- rencies. Clients can also enhance their return on the aggregate of mul- tiple currency balances from banks offering the ability to pool across those accounts and those currencies. BR: How does the bank manage servicing the local needs of cli-
ents, while offering global consistency in product offering? JS: It is important to ensure a strong working knowledge of client
requirements in any jurisdiction in which we operate. Without that local knowledge, and on the ground expertise, we would not have a true understanding of how to offer services to important, but unique client sectors, such as insurance management. It is our local knowledge across the globe, and our global access through electronic channels such as HSBCnet, which allows HSBC to bring the world to our clients. We also have an opportunity to bring efficiency and cost savings to our clients by leveraging the global footprint and scale of HSBC.
BR Click here to isten to the full interview Best’s Review August 2010 Gord Scharf
Head of Product Management Payments & Cash Management, HSBC Bermuda
“ It is our local
knowledge across the globe, and our global access through electronic channels such as HSBCnet, which al- lows HSBC to bring the world to our clients.
”
Jared Smith
Head of Payments & Cash Management, HSBC Bermuda
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