Household HSBC Watch

Citigroup Inc. and HSBC Group are re vamping systems that businesses use to route payments around the world. The banks are migrating to Global PayPlus, a payments software product from Fundtech Corp. Changes in regulations and technology are causing banks to scrap their legacy payment platforms, says Bandula Wijesinghe, HSBC’s senior VP of payments transformation. Cross-border payment systems allowing funds to rapidly move between different countries didn’t exist at the time the systems being replaced by HSBC and Citigroup were developed.

“The question asked is whether HSBC can continue to tell customers their payments were late, their balance transfers took 17 days to process, and other predatory items relative to HSBC Holdings” said Household - HSBC Watch. HSBC Holdings owns disgraced predatory lender Household Internaitonal which continues to be the source of consumer complaints.