Innovative Electronic Invoicing Solution for HSBC
Electronic invoicing solution without modifying HSBC’s core banking system, ensuring seamless integration, regulatory compliance, and operational stability through close collaboration with the bank’s teams.
ABOUT THE CLIENT
HSBC is a leading financial institution that required a compliant, efficient, and risk-free electronic invoicing solution. Facing a regulatory mandate to process millions of transactions, they sought a non-intrusive approach that would integrate seamlessly with existing financial workflows without modifying their core banking system. Prioritizing operational stability, cost-effectiveness, and minimal disruption, the bank collaborated closely with our team to ensure a smooth and timely implementation.
ABOUT THE PROJECT
Industry
BANKING
Business Model
TIME AND MATERIALS
Client Location
MONTEVIDEO, URUGUAY
Tech Stack
Project Duration
1 year
Team Size
2
HIGHLIGHTS
MINIMIZING RISK WITH A NON-INTRUSIVE APPROACH
Rather than modifying the bank's core system, an approach that carried high risks and extensive regression testing, we devised a solution that leveraged existing accounting data. This allowed seamless integration without disrupting operations.
STRONG COLLABORATION WITH THE BANK'S TEAMS
We worked closely with the bank’s functional areas and technology teams, fostering a partnership-based approach. By aligning with their needs and objectives, we ensured a smooth implementation that integrated seamlessly with existing workflows.
TAILORED IMPLEMENTATION FOR DIFFERENT BUSINESS AREAS
Our team collaborated with users across various departments to identify movement types that didn't fit the global accounting framework. We refined the solution to ensure compliance and accuracy across all sectors.
FASTER DEPLOYMENT WITH LOWER COSTS
By avoiding core system modifications, we significantly reduced implementation time and labor hours. Compared to other banks, our approach resulted in a faster, cost-effective rollout with minimal operational impact.
COMPREHENSIVE QA, DEPLOYMENT, AND POST-PRODUCTION SUPPORT
We conducted extensive quality assurance testing, ensuring the solution was robust and met all functional requirements. Our team also handled the production rollout and provided ongoing monitoring and maintenance to guarantee smooth operations after go-live.
ENSURING COMPLIANCE WITH MAXIMUM EFFICIENCY
Our solution met all regulatory requirements within the strict deadlines, allowing the bank to process millions of invoices efficiently. We optimized workflows without compromising stability or security.
CLIENT GOALS
The client sought to ensure regulatory compliance, minimize operational risk, optimize efficiency, reduce costs and deployment time, and maintain system stability and security, all without modifying the core system and while seamlessly integrating with existing financial processes.
•
Ensure regulatory compliance by generating electronic invoices for millions of transactions within the required timeframe.
•
Minimize operational risk by avoiding disruptions to core banking operations and online channels.
•
Optimize efficiency by implementing a solution with minimal development effort and without modifying the core system.
•
Reduce costs and time-to-market by streamlining the deployment process and minimizing labor-intensive regression testing.
•
Maintain system stability and security while ensuring seamless integration with existing financial processes.
THE STRATEGY
Non-intrusive approach
Instead of modifying the core banking system, we designed a solution that leveraged existing accounting data and extracted additional required information without system extensions.
Close collaboration
We worked as partners with the bank's functional and technology teams, ensuring seamless integration and alignment with business needs.
Targeted business analysis
Our analysts engaged with different departments to identify specific transaction types that required adjustments, refining the solution for comprehensive coverage.
Efficient implementation
By avoiding core modifications, we reduced risk, minimized regression testing, and accelerated deployment.
End-to-end execution
We managed the entire process, including QA, production rollout, and post-deployment support to ensure long-term success.
SERVICES OFFERED
Business Analysis & Process Optimization
Regulatory Compliance Implementation
Custom Solution Design
End-to-End Quality Assurance (QA)
THE OUTCOMES
The bank successfully met all electronic invoicing requirements within the mandated timeframe, and without modifying the core system. Also came with an ongoing support and maintenance, the solution continues to operate efficiently without impacting daily operations. Lastly, the project was executed in partnership with the bank's functional and technology teams, ensuring a smooth transition
Some of its key technical features include:
•
Regulatory compliance achieved: The bank successfully met all electronic invoicing requirements within the mandated timeframe
•
Zero disruptions to core operations: The solution was implemented without modifying the core system, ensuring stability across all banking services.
•
Reduced operational risk: Avoiding system modifications minimized potential errors and eliminated the need for extensive regression testing.
•
Faster, cost-effective implementation: Compared to other banks, our approach required fewer resources, reducing implementation time and costs.
•
Seamless collaboration: The project was executed in partnership with the bank’s functional and technology teams, ensuring a smooth transition.
•
Long-term sustainability: With ongoing support and maintenance, the solution continues to operate efficiently without impacting daily operations.