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HSBCnet HSBC's Corporate online banking platform
21 October 2008
HSBCnet HSBC's Corporate online banking platform identified as "Best Of Breed" for large corporate treasury / cash management in the U.S. and Globally in an independent study conducted by Greenwich Associates
New York, October 21, 2008 HSBC Bank USA, N.A. today announced its corporate online banking platform - HSBCnet – is considered “best of breed” in an independent study by Greenwich Associates. The benchmarking survey, the sixth and largest benchmarking study by Greenwich Associates, evaluated online corporate and commercial banking platforms of 15 leading banks and three vendor white label platforms.
According to the survey, HSBCnet provides a range of outstanding features and functionality for the bank’s U.S. large corporations and companies doing business globally. Outperforming others in the survey, HSBCnet received high marks compared to others in the following categories: Internal Usability, User Customization, Availability and Functionality by Country, Integration with Customer Systems, Cross-Product Integration with Non-Treasury Services, ACH and Tax Payments, Information Reporting and Administrator Audit Logs/Reports among others.
Greenwich Associates identified the following features which differentiate HSBCnet from other platforms:
- Single point of entry for all functions including cash reporting, payments,investments, FX, trade finance and others using common credentials
- Provides “high assurance” authentication and authorization
- Delivers high levels of automation facilitating file imports, delivery of account information and other functions
- Offers payment authorization and customized alerts on payments, balance levels or other events flagged by users
- Supports self-service and the ability of users to “self-enroll”
“This excellent result confirms HSBC is making the right investment in making HSBCnet a tremendously powerful online service, as we strive to further enhance HSBCnet to support the comprehensive needs of our U.S. clients – especially those doing business internationally,” said Marcus Treacher, Global Head of e-Channels.
“HSBC has market-leading functionality in a number of key areas,” says Greenwich consultant Marc Harrison. “The broad range of available products in HSBCnet is presented in a well-integrated platform that serves the needs of large corporates, which can be demanding in terms of their complexity and how they wish for their banking partners to respond.”
HSBCnet is a feature-rich portal that meets a wide spectrum of day-to-day treasury and finance needs, including: Cash Management, Trade Services, Global Markets, Research and Securities. It’s an indispensable tool for conducting transactions and obtaining real-time information.
Notes to editors:
HSBC Bank USA, N.A. and its sister bank, HSBC National Bank USA, have more than 460 bank branches throughout the United States, with about 380 in New York state; branches in California and Pennsylvania; and a growing network of branches in Connecticut, Washington, D.C., Florida, New Jersey, Maryland and Virginia. There is also a branch in each of the following states: Delaware, Illinois, Oregon and Washington State. HSBC Bank USA , N.A. is the principal subsidiary of HSBC USA Inc., an indirectly-held, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC USA Inc. is one of the nation's 10 largest bank holding companies by assets.
Greenwich Associates Online Services Benchmarking Study
Greenwich Associates test-drives the Internet banking platforms of major corporate and commercial banks and rates their service and functionality. This benchmarking study, conducted annually each summer with results released in the fall, has fast become the industry’s definitive assessment of the relative quality of the websites and overall Internet platforms of leading global and domestic US banks.
To conduct the study, Greenwich consultants receive an in-person demonstration and review of each provider’s online services platform. Greenwich spends more than 20 hours viewing and analyzing each platform by leveraging in-person reviews, online demos, user guides, public marketing collateral, and subsequent parallel evaluations.
High-level evaluation factors in the study include:
- Usability/Ease of Use
- Country/Regional Management (availability and functionality)
- Information Access/Reporting
- Active Investments
- Trade Services
Based upon its evaluations of leading platforms and its research on treasury/cash management, Greenwich Associates has identified six features that differentiate the best Internet banking platforms from those of other banks. “Best-of-Breed” platforms:
- Have a single point of entry for all functions including cash reporting, payments, investments, FX, trade finance and others using common credentials.
- Provide “high assurance” authentication and authorization.
- Deliver high levels of automation facilitating file imports, delivery of account information and other functions.
- Offer payment authorization and customized alerts on payments, balance levels or other events flagged by users.
- Support self-service and the ability of users to “self-enroll.”
- Offer collaborative tools for users to share information with bank staff and other users of the platforms.
- Juanita Gutierrez
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