Manish Kohli, responsible for Global Payments Solutions at HSBC, discusses the strategy of digital payments of the bank and the way he innovates in the transactions bank. HSBC was named one of Global Finance’s most innovative banks.
Global finance:: The open bank is increasing. How does HSBC see its role evolve in this new ecosystem?
Manish Kohli: HSBC is a major player in the open band ecosystem and open financing. We are the largest transaction bank in the world and have a global footprint that covers the many jurisdictions and compensation systems that stimulate the agenda.
We were reinge for our processes by integrating advanced digital solutions, from automated cash management to robust API connectivity. We therefore automate manual processes and integrate systems to improve efficiency and risk management.
The collaboration is essential, because we see open banking as a catalyst for an ecosystem more focused on the customer. This collaboration begins with our customers because they help shape our product development road card.
We also collaborate through the technological batteries of the customer treasury and have integrations of live APIs with partners such as SAP, Oracle, Kyriba and FIS. This guarantees that we provide customers with an end solution and that we remain focused on the integration of technology into payment solutions that support our customers and their treasurers with the real -time information they need to make more informed cash management decisions.
Girlfriend:: What is HSBC’s strategy to integrate emerging payment technologies such as digital currencies – including Central Bank (CBDC) digital currencies – and how do you see your payment solutions impacting?
Kohli: Although the maturity of the CBDC varies considerably according to the market, it will play an essential role in the payment solutions of tomorrow, which is why we continue to seek, test and invest with various central banks in the world.
Currently, HSBC is involved in pilot projects with central banks on markets such as the United Kingdom, France, Singapore, Hong Kong, China, Thailand and the United Arab Emirates, and with the Bank for International Settlements Agorà project.
Our tokenization platform for the issue of digital bonds, Project Orion, has paved the way for the digitization of capital market infrastructure. HSBC was also one of the first financial institutions to complete the cases of use of concept in the sandbox of the whole project, the CBDC project of Hong Kong Monetary Authority to accelerate tokenization.
Girlfriend:: How does HSBC use data analysis to obtain more in-depth information on customer behavior in digital channels? And how do you use this information to stimulate innovation in customer service?
Kohli: We process many transactions per second, generating a multitude of data. These data are used not only for retrospective analysis but also in real time, fueling intelligent payment solutions. The information collected from millions of transactions not only help us to improve our own processes, but to provide tailor -made advice and achievable to our customers, ranging from the choice of the fastest or cheapest route for international payments to attenuated strategies at the risk of currency management.
Our innovative analysis tools can detect when a payment is made in an alternative currency. This allows us to offer customers the option to secure the best price. The use of AI and API integration also guarantees that the information derived from data immediately takes care of payment decisions.
We have created a group of dedicated cash solutions, which performs gap analyzes and recommends best practices to improve treasure operations.
Girlfriend:: Beyond the gradual improvement of existing digital channels, in what “moon” or digital bank solutions or disturbing payment in which HSBC is investing?
Kohli: We do not underestimate the importance of progressive improvement, since we operate in a strongly regulated and market-based ecosystem which covers many regulators, central banks and payment partners.
We focus on building innovative solutions that allow our customers to transform into the digital economy. In recent years, we have made significant investments to develop digital solutions that help accelerate the pace to which money moves in the world. Our most recent innovative innovative solution, Digital Merchant Services, has enabled HSBC to become a digital merchant buyer for cards, local electronic wallets and real -time payments, helping our merchant customers with large -scale transparent payments of payments and effectively developing their business.
We have invested $ 30 million in the construction of a new generation liquidity engine, and our use of AI allows us to provide real -time and data -based information during transactions. For example, via FX invites, our systems can instantly advise customers on the best currency option, ensuring that they guarantee the most favorable prices, which makes our payment solutions smarter and more agile. The moon shots of tomorrow will be the result of continuous collaboration with many stakeholders in the ecosystem, a persistent investment and a continuous R&D.