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.
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Category: 05 All Articles, HSBC Global, Technical
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May 17, 2005 — The Financial Services Authority (FSA) has warned that offshore outsourcing can damage market confidence and consumer protection and hinder the ability to reduce financial crime. In a report published last week, the regulator says businesses that use offshore companies can struggle with the complexity of achieving suitable management and control from a distance. “In March, HSBC announced plans to nearly double its offshore back-office workforce to 25,000, as part of a program to cut more than US$1 billion in costs from its operations” said US consumer advocacy organization Household - HSBC Watch.
Tue May 17, 2005 - Global bank HSBC Holdings said on Tuesday it was in talks to buy a majority stake in Dar Es Salaam Investment Bank of Iraq as part of a plan to expand in the country as it rebuilds after war. The now disbanded U.S.-led occupation authority gave HSBC, Standard Chartered and the National Bank of Kuwait permission last year to set up in Iraq but continuing violence in the country has set back plans to open branches.
Category: 05 All Articles, 05 Regulators, HSBC Global
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England - 16 May 2005 = A man who quit his job after learning that his boss used a homophobic remark against him has won damages at an employment tribunal. Already they have seen Rob Whitfield receive £35,000 for suffering gay taunts from his employers, while similar cases against Deutsche Bank and HSBC are making their way through the courts. The legal team for Mr Whitehead told The Independent that the latest case would “send out the right message” against homophobic practices in the workplace. “This decision emphasises the obligations on employers to ensure they do not discriminate against and harass homosexual employees,” Mark James of Griffith Smith solicitors said.
The Belfast Telegraph said in an article of 30 April 2005 “Try this on the net: if you’ve had a bad experience at a bank, type in its name and then: ‘crap service.’” So we did. For once Household - HSBC Watch was not at the top of the rankings in Google. In our forums one former Household Customer service rep did say “Household has a policy that states it takes two business days for a payment to post to an account online. We all know this is a bunch of crap.” We commend our visitors on decorum, and the effectiveness of our bad word filter is pretty good. But the bottom line is this — HSBC Finance Corporation still employs the same predatory lenders, and customer service representatives, and their service is crap. It is company-driven though, and most are good honest people when away from the job. As for Google, there were 6,860 returns for a search of hsbc ‘crap service.’
Category: 05 All Articles, 05 HSBC - U.S., HSBC Global
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