HSBC Global Payments and Cash Management and Siam Commercial Bank have been appointed to provide cash management services for Tesco Lotus, a retailer in Thailand with over 35,000 employees.
HSBC was appointed key overlay bank to Tesco Lotus, focusing on cheque outsourcing and the handling of all electronic file transmissions between Tesco Lotus and the selected banks. Siam Commercial Bank was awarded payroll and supplier payment services. As the overlay bank, HSBC will provide a single point of contact to Tesco Lotus, and act as a file transmission agent to route cheque outsourcing transactions to HSBC, and payroll/supplier payments to Siam Commercial Bank for processing.
HSBC and Siam Commercial Bank say that the integrated cash management solution will deliver benefits including:
- Electronic payment submission, authorisation and consolidation of all bank accounts via
- HSBC’s Internet-based banking platform, HSBCnet and HSBCConnect.
- Efficient use and allocation of funds through timely payments to suppliers.
- Single point of contact providing best in class customer service and operational efficiency.
- A single platform to support Tesco Lotus’s growth plans across Thailand.
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