HSBC and MAS Active implement another first in the industry
View(s):HSBC Payments and Cash Management Sri Lanka this week announced the implementation of HSBC Connect to SAP Lite (C2SAP Lite), the next generation SAP ERP (Enterprise Resource Planner) adaptor technology.
MAS Active, the active wear manufacturing Division of MAS Holdings, will be the first company in Sri Lanka to use this new solution. It will enable MAS Active to experience a host of unique features including the use of XML (Extensible Markup Language) based on ISO20022 which is now the global industry standard for data transmission, according to a media release issued by HSBC.
Chamira Wijetilleke, Head for Corporate Banking HSBC Sri Lanka stated, “This is another milestone for HSBC Sri Lanka. We are happy that we are able to innovate in this space and give leverage to our valued customers by introducing new and more effective ways to handle their payment process. We are very pleased to have MAS Active on board real time for C2SAP Lite.”
The application enables two-way corporate-to-bank connectivity, automatic reconciliation with the company’s internal SAP systems and provides clear visibility on company cash flows.
“MAS is delighted to partner with HSBC on this latest innovation. As one of MAS’ integral business partners, HSBC has been leading the way in helping us manage our ever increasing process needs. MAS Active is always open to innovative solutions that would improve our productivity and operational efficiencies. The C2SAP solution is a perfect complement to MAS’ complex payment processing model and will, add considerable value to our business.
The solution has been tailor made to provide automated end of day reconciliations to eliminate the delays and errors faced by finance staff,” stated Suranga Nanayakkara, Director Finance and Planning, MAS Active.