HSBC wins Financial Insights Innovation Award for its B2B Xpress cash management solution in Korea


22 Mar 2007

HSBC was recognized for its B2B Xpress platform supporting online supply chain settlement. The buyer/seller-centric solution provided by the Global Payments and Cash Management (PCM) team in Korea has been able to meet the Bank's business and IT operational performance requirements, as well as address key clients needs in supply chain management including operational cost efficiency, financing flexibility, real-time management of information, and risk management. Out of a strong field of over 70 financial institutions and non-bank financial institutions, HSBC PCM in Korea was selected as a winner in the Innovation in Payment Solutions category.

B2B Xpress joins up large corporations with their buyers and suppliers in a seamless manner. One good example is Unilever Korea, which automated its back office processes and was able to improve relationships with around 200 suppliers when HSBC opened accounts for all of them via B2B Xpress.

Daniel Jones, CFO of Unilever Korea said "With B2B Xpress, we have achieved significant benefits to our business, most notably in payments processing. HSBC should be commended for its commitment to understanding our business and investment in banking systems."

B2B Xpress forms part of HSBC PCM's Korea Xpress suite of cash management products, developed and rolled out in 2006. Korea Xpress is tailor-made to meet the needs of all businesses operating in Korea, from SMEs to global multinationals, while leveraging HSBC's global proposition for Korean corporates' cash management requirements outside Korea. In this way, HSBC is delivering the 'World's Local Bank' franchise to local and foreign entities in Korea.

Ben Arber, Head of the Payment and Cash Management, HSBC Korea remarked, "This award reflects HSBC's commitment to innovative solutions designed to meet the evolving needs of clients, as well as our position in the cash management industry in Korea. In the future, HSBC will continue to make investments and improve our services to retain our top position in the market."

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