HSBC Securities Services adopts Xceptor to migrate complex funds

“Xceptor is viewed as a key business infrastructure tool within HSBC Security Services. We can now focus on growing our business pipeline and take on additional funds. The platform allows us to significantly reduce time and risk inherent in the migration processes and take on more complex work. HSBC are currently reviewing how Xceptor can be deployed to other operational areas across our business.”

Carl Andrews - Head of Scotland, HSBC Securities Services Business Unit

www.xceptor.com | sales@xceptor.com | +44 (0)203 427 3108

BACKGROUND

HSBC Security Services provide fund administration services to one of the largest fund services networks in the world.

This includes accounting and valuation, transfer agency, investment operations and corporate secretarial services.

PROBLEMResourcing fund take-on

The take on of new funds is complex and time consuming, requiring specialist skills and re-work of previous administrator’s data.

Migrations were largely undertaken using internally developed tools based on Excel, using functionality such as v-lookups, formulas and mapping.

The process involved formatting and cleansing previous fund administrator’s data into a usable format. The capture and conversion of data would involve high risk manual processes to prepare data for reconciliations.

To scale up operations, HSBC would employ contractors and specialist programmer’s months in advance of a take on. For HSBC to grow business operations and revenues on boarding additional funds would not be possible with their current tools, therefore they had to adopt a different build approach and develop a repeatable best practice.

SOLUTIONSimplifying end-to-end migrations

HSBC had an immediate requirement to take on complex SICAV and multiple other fund classes, which would not have been possible in the time frame due to the specialist nature of work required.

In order to remove the manual spread sheet processes, HSBC turned to Xceptor to address data preparations and reconciliation requirements for performing take on of new funds.

Tasks that were previously taking days to complete were being reduced by over 50%. There was no data process that Xceptor was not able to handle.

This enabled HSBC to perform faster migrations and remove the reliance on specialist skill sets. Team members were taken from other business areas and deployed on the project for weekend migration work rather than resourcing additional contractors.

BENEFITSReduced risk, time-saving and cost savings

• Increase Business Operations – By approaching builds differently HSBC can scale workload and take on more complex and larger funds outside of their current infrastructure.

• Reduce Risk – Issues identified from reconciliation processes are identified early and directed to appropriate operations teams to resolve before end-of-day valuations.

• Increase Capacity – Capability to migrate funds faster and in greater volume without having to employ additional headcount to perform migration work.

• Time Saving – Automated data capture and conversion has significantly reduced rework requirements.

To find out more about how we transform business processes, contact us at sales@xceptor.com

Xceptor UK85 Gresham Street

LondonEC2V 7NQ

+44 (0)203 427 3108

Xceptor AustraliaLevel 3, 50 Carrington Street

Sydney NSW 2000,

+61 419 012 871© Web Services Integration 2016

www.xceptor.com sales@xceptor.com