The Hindu Business Line : HSBC to offer new product for corporates

HSBC is launching a new cash management product, titled National Network Collections. It will help customers keep track of their receivables while helping them reduce their working capital cycle and cutting costs.

Ms Natasha Patel, Head of Payments and Cash Management, HSBC, said, "Access to timely and relevant management information and cost efficiencies are key cash management issues for our customers.''

She said the product would reduce the working capital cycle for users by between 3 and 4 days on the average. It would also help cut down the costs incurred by companies currently on collections by between 2 per cent and 20 per cent.

She said that the bank would maintain the receivables accounts of customers and enable easy reconciliation (matching invoices and collections). This would help customers to focus on their core business and get a better handle on working capital and deploy it in a profitable manner.

She said HSBC's 700 customers, who use the bank's existing cash management services (value handled of about Rs 7,000 crore per month), would be migrated to this new electronic platform.

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