Sri Lanka’s HSBC unit and MAS Active boosts payments processes

December 10, 2013 at 7:39 pm

 

11 Dec, 2013             05:42:13

Dec 10, 2013 (LBO) – Sri Lanka’s HSBC unit said its payment processing service can be linked to enterprise resource planning software of clients boosting productivity and reducing errors.
            HSBC said it had integrated its payment processing and cash management system HSBC Connect to SAP Lite (C2SAP Lite) at MAS Active, a top apparel manufacturer and exporter, a first in Sri Lanka. “We are happy that we are able to innovate in this space and give leverage to our valued customers by introducing new and more effective ways to handle their payment process,” HSBC’s head of corporate banking services Chamira Wijetilleke said in a statement.

MAS Active will be able to use features including XML (Extensible Markup Language) based on ISO20022, global industry standard for data transmission

It allows two-way corporate-to-bank connectivity, automatic reconciliation with the company’s internal SAP systems and provides clear visibility on company cash flows.

“MAS Active is always open to innovative solutions that would improve our productivity and operational efficiencies,” Suranga Nanayakkara, director finance and Pplanning at MAS Active said.

“The solution has been tailor made to provide automated end of day reconciliations to eliminate the delays and errors faced by finance staff.”

HSBC said it plans to extend the technology beyond apparel to other industries.