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Innovation in Technology and Transaction Banking Awards 2013 - Transaction banking winners

The winners in the transaction banking categories of The Banker's Innovation in Technology and Transaction Banking Awards for 2013.
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Wealth

Winner: Barclays

It seems a logical way to improve customer service: identify them by their voice, instead of putting them through several identification processes. Yet, voice biometrics is not widely deployed in the banking industry yet.

However, Barclays has ventured into the biometric sphere as a reaction to customer dissatisfaction with the bank’s lengthy and complex identification and verification process. Its goal was to simulate the way banking was done in the pre-internet age, when a customer would be recognised by face. Another goal of the system was to offer customers an experience the same as or better than what they would receive from a service centre with a relationship manager.

Up to 50 technology experts from Barclays and voice technology provider Nuance collaborated across the US, UK and Israel, taking 16 months from due diligence to implementation in 2012. The Voice Biometrics project kicked off with a pilot scheme in June 2012, with a full roll out in June 2013. The biometric solution matches a client’s voice against their stored voice print, which reduces authentication time.

So far, 9000 of Barclays’ international clients have been identified as eligible to participate in the scheme. Between 150 and 180 new enrolments are carried out each day, without marketing or promotions. The new service removes the need for passwords and particularly appeals to those who do not frequently need contact with their bank and may therefore forget passwords.

Following its roll-out, Barclays carried out phone interviews to see how the service was rated. Some 71% of clients were more satisfied with the voice authentication than the previous method (and 22% are equally satisfied), while 93% scored the bank nine out of 10 for speed, ease of use and security. Ultimately, the service reduces both the time it takes to handle calls and the risk of fraud.

Global Transaction Services

Winner: RBS 

It has been a challenging few years for RBS. Following its bail-out by the UK government, the bank combined its treasury, transaction banking, trade finance and markets division to form its markets and international banking operation at the beginning of 2012. Since then it has been making significant investments in transaction services.

RBS’s five-year investment plan includes a 22.5% increase (£450m, or $256.9m) in the bank’s IT budget, with the intention of delivering an efficient, integrated systems architecture to support the core international banking product offering. RBS now focuses less on proprietary and more on collaborative, or ‘bank-agnostic’, channels for clients, where they can interact with other banks. It also focuses on having a service that is less centred around point-to-point exchanges between the bank and client, and works more to support the flows of information a company uses in the course of managing its working capital, which can involve a large number of participants, including suppliers, customers, other banks and financial services providers.

As RBS’s global head of channels and distribution in transaction services for international banking, Ken Deveaux, toldThe Bankerin July, the division also focuses on integrating existing channels to make them simpler for clients to use, and easier for the bank to maintain. Functions such as security, authentication, user entitlement and reporting all have common features across the different channels, so the bank focuses on leveraging these in a consistent way across the products and services.

The primary mission of the channels and the channels team is to deliver transaction services (such as payments, collections and trade finance) to clients in a flexible, efficient and user-friendly way. As such, the payments and trade teams work together with the channels team to support and promote strategically important initiatives such as the Single Euro Payments Area – a top priority for RBS. The bank has invested significantly in ensuring the new formats and operating rules are incorporated into its online and direct channels. 

Another focus for the bank is its online trade and supply chain finance platform MaxTrad, on which it is adding more supply chain finance features for both buyers and sellers.

Capital Markets

Winner: BNP Paribas 

BNP Paribas is present in just under 80 countries and employs about 190,000 staff throughout its operations. Its global equities and commodity derivatives (GECD) unit is part of the bank’s Corporate and Investment Banking (CIB) arm and offers equity and commodities derivatives products, indices and funds, as well as financing solutions and an integrated equity brokerage platform. GECD is divided into three key areas: flow and financing (asset and hedging strategies for institutional investors and asset managers), commodity derivatives (risk hedging solutions for corporate clients) and structured equity.

In the past 18 months, BNP has launched an industry structured products e-platform for investment banks and distributors called Smart Derivatives. This was a reaction to the technological advancements in the industry as well as the rising demand for more streamlined processes. The bank launched Smart Derivatives in June 2012, and it now has more than 180 clients in 24 countries actively using the platform. 

Another milestone BNP Paribas achieved was through its wholly owned subsidiary BNP Paribas Securities Services (BNPSS), which acts as a global custodian and securities services provider and covers 34 countries across five continents. In mid-2012, BNPSS launched an alternative outsourced solution for dealing services. The new service does not require users to end their existing broker relationships and focuses on cutting costs and other efficiencies.

The solution enables investment firms, asset managers, insurers and private banks to fully or selectively outsource their dealing activities, connecting clients to multiple counterparties, which in turn gives them better access to liquidity. BNP Paribas Securities Services states that as it is broker neutral, it can also guarantee best execution. Its market liquidity access allows portfolios managers to find the optimal way of executing appropriate investment decisions and thus to minimise transaction costs for their investment portfolios, according to the bank. So far in 2013, BNPSS expanded its services to London and Sydney.

Dealing Technology

Winner: BNP Paribas Securities Services 

In light of looming regulatory deadlines that look set to make liquidity management more difficult, BNP Paribas Securities Services (BNPSS) launched a solution for investment firms, asset managers, insurers and private banks wishing to outsource their dealing activities. The dealing services solution connects the user to multiple counterparties, which enables better access to liquidity.

The service is a differentiator for BNP Paribas. It allows clients to keep their broker relationships, but also improve efficiency in trading and cost reduction, while its broker-neutrality guarantees best execution, according to the bank, and gives the buy-side the opportunity to move from fixed costs to variable costs.

BNPSS deployed an order management system from Fidessa, LatentZero, a front-office software provider for the buy-side, to offer real-time straight-through processing – ie. from receiving orders by portfolio managers to transmitting orders to brokers or counterparties for all asset classes. The solution also comes with a pre-trade transaction cost analysis tool by Portware, which enables the equity dealing desk to provide the portfolio manager with a liquidity analysis. On the post-trade side, the solution deploys a transaction cost model by broker ITG while in fixed income and foreign exchange, the solution polls brokers automatically via a request for electronic dealing platforms from Tradeweb, Bloomberg TSOX or FXall.

BNPSS clients have several connectivity options, including standard application programming interface or BNP Paribas’ propriety website, Finweb, for multi-asset class trade input. Liquidity access aside, BNPSS says the solution also offers clients access to new asset classes and geographies without the need for further investment. All the information that goes through the service is stored in a data warehouse.

This year, BNP Paribas expanded the reach of its dealing services from Paris and Hong Kong to London and Sydney, hiring an extra 100 staff in the process. The dealing services team handles more than 500,000 orders a year from more than 30 clients and accounts for €520bn in assets under management.

Risk

Winner: Citi 

As the title suggests, Citi’s operations and cross-functions technology (OCCTF) serves as the bank’s operations control technology service. Through OCCTF, Citi seeks functional synergies and re-engineering opportunities to measure and manage operations and financial risk.

Using a standardised reporting framework, OCCTF gives Citi seamless access to in-depth information for anybody within the banking group using it. Within OCCTF, Citi has what it describes as a one-stop tool to capture, normalise, enrich and report operational risk and productivity metrics, called the Strategic Measurement, Analytics and Reporting Tool (Smart).

Within the Smart product portfolio framework, Citi utilises the Balance Sheet Exceptions Reporting (BSER) and Project Alps applications, which are aimed at reducing financial and operational risk. Other products within the Smart portfolio include an activity-based costing and business performance measurement and Iris, a reporting platform for all applications within Smart.

BSER consolidates Citi’s fragmented global operating network with more than 150 mostly legacy processing platforms, giving the bank a single data warehouse for balance sheet exposure reporting and analytics. By the beginning of 2013, 96% of source systems were automated.

Project Alps is designed to help to prevent rogue trading. Smart was developed following the financial crisis in 2008 when the bank took a decision to enhance its risk measurement and management areas. At the time, risk measurement and management tended to be limited by complex, fragmented and manually intensive operations processing, decentralised and manual self-reporting models, and a dearth of performance analytics. BSER is a reporting and analytics framework; Project Alps provides a framework for proactive reporting and management of unauthorised trade manipulations.

Between March 2012 and June 2013, 35 people worked on BSER and Project Alps worldwide. In this period, 24 systems that required manual handling were automated through BSER, while BSER was extended to other asset classes and was rolled out in North America and Asia-Pacific. These developments resulted in, among other things, more than 250 daily feeds that were incorporated in the reporting system.

Wholesale Payments

Winner: RBS 

By February 2014, the eurozone’s payments market should have harmonious standards in cross-border payments, as stipulated in the Single Euro Payments Area (SEPA) project. SEPA has loomed over banks for more than a decade, but no concrete progress was made until the European Commission set a final deadline in early 2012. For many banks, the biggest issue regarding SEPA is in migrating their corporate customers to the new standards, something that is not easy when payments systems vary throughout Europe and many corporates did not anticipate the technical and cultural changes.

In December, RBS authorised a four-man team to find IT software application vendors who could help the bank create a SEPA solution that could be implemented within six months, could increase the speed of client onboarding – from four to six months to four to six weeks, enough time to migrate the about 3600 clients on time – and require minimal changes to clients’ systems.

IT and business process outsourcing provider CGI, which had acquired IT and consultancy company Logica in 2012, and XMLdation, a company that specialises in validating and SEPA testing, received the contract. The result was the RBS SEPA Accelerator, an end-to-end, all-in-one migration service with several applications, hosted on the cloud. It includes a self-service conversion solution for legacy direct debit and corporation tax formats into SEPA-compliant ones. The service’s average rate of successful message delivery is 1 million transactions per hour, with 24-hour availability and a self-service function for testing and validating SEPA formats.

The solution converts legacy messaging formats into SEPA ones, and domestic bank account numbers to international ones, as stipulated in SEPA. Other solutions include SEPA mandate management, a new culture for some corporates as mandate management is not common in some countries.

The project was delivered within four months – initial pilots with six clients took place in April; the first tranche of products went live in May, and by June, the bank had 20 clients live on the system. RBS is set to generate Ä2.5m in 2014 through SEPA Accelerator, a 500% return on investment.

Transaction banking

Most Innovative Global Transaction Bank Most Innovative Transaction Bank from the Americas 

Winner: Citi 

Citi has continued to innovate and set the benchmark for the transaction banking industry, and in the past year, it has built on its already impressive performance. For these reasons, Citi has been given the award of Most Innovative Transaction Bank from the Americas as well as the Most Innovative Global Transaction Bank.

Citi’s transaction solutions are truly global, and the words ‘Citi’ and ‘global’ are almost synonymous. The ‘global’ in the bank’s global transaction services division has been dropped – because Citi is already known as a global brand – and now the division is known by its new name, Citi Transaction Services (CTS).

It would be easy to think that Citi has been given the global award because of its size, because it is the biggest and therefore the best. That is not the case however, and the judges put the emphasis of this award on innovation and continued improvement. The judges look for a bank that best demonstrates a drive to innovate over the past year. While the award is a global award, it is not given on the basis of a bank’s size or reach, but rather on the bank’s desire to improve.

Citi has won the global transaction banking award in previous years. The format this year, however, is different. Rather than being a single award that is given alongside the country categories inThe Banker’s annual Bank of the Year awards, a number of transaction banking categories have been created to be included with the Innovation in Technology awards. The technology awards have now been moved to a later issue of the magazine so that the announcement of the transaction banking and technology awards can coincide with Sibos, the annual conference of the Society for Worldwide Interbank Financial Telecommunication.

The treasury and trade solutions (TTS) division at Citi serves a wide range of clients, both in terms of geography and size, and provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organisations across the globe. As well as its wide range of clients, the bank also has a broad range of treasury and trade solutions.

TTS serves clients in some 140 countries and processes more than $3000bn in transactions worldwide on a daily basis. It provides transaction processing through 10 regional centres and serves about 65,000 corporations, national governments and central banks in more than 100 countries, and more than 400 of the world’s top 500 banks fromThe Banker’s Top 1000 World Banks ranking.

It is often believed that large banks cannot be innovative because, unlike smaller disruptive companies, their organisations are too large and unmanageable to be nimble. This is not the case with CTS, which has 22,000 employees and yet is able to continually adapt and build solutions that are relevant to its clients.

Approximately half of CTS’s revenue comes from emerging markets and the bank has continued to invest in the infrastructure to facilitate transactions to and from emerging markets. CTS has developed clearing, settlement and depository services in numerous emerging markets, and has also continued to invest in the infrastructure to make such transactions possible. In the past year, for example, the bank expanded the capabilities of its securities lending product, OpenLend, by opening a securities lending trading desk in Dublin, Ireland. This forms part of Citi’s expanded Europe, Middle East and Africa securities lending trading team.

Citi also launched a commercial cards programme in China, making it the first global bank to offer such capabilities to its large corporate and multinational clients. In India, the bank was the first international custodian bank to offer securities lending services on the country’s stock exchange.

The bank also launched Citi Payment Exchange, a payment processing solution that allows clients to implement the working capital strategies that are identified by the Citi working capital analytics tool, which provides recommendations on payment methods and a strategic approach to managing financial supply chains.

Citi also expanded its electronic bank account management to 52 countries with new enhancements to CitiDirect BE, the bank’s electronic banking portal. A trade functionality was launched on CitiDirect BE Mobile, which enables trade clients to access trade advisors, an inquiry tool that gives real-time information on the processing status of a trade transaction.

The bank launched renminbi letters of credit for importers and exporters in Latin America, and launched full renminbi cash management and trade solutions in the UK. Citi also expanded its securities administration business in Singapore and made it the regional hub for securities and fund services for operations, collateral management and portfolio management in Asia. Also in Singapore, CTS implemented expanded private equity and real estate fund administration services.

In another development, CTS also launched a depositary bank solution for private equity funds and investment in anticipation of the upcoming regulation under the Alternative Investment Fund Managers Directive (AIFMD). Citi launched an updated depositary bank service to cater to all existing and new fund types targeted under AIFMD, including private equity and investment trusts, and the solution is already live in Luxembourg.

These are just a handful of examples that show the developments that Citi has worked on in the past year. And while the bank has an extensive network and is truly global, it is its emphasis and innovation that has won it the global transaction banking award.

Most Innovative Transaction Bank from Asia-Pacific

Winner: DBS 

Competition in the industry and continuous technological change can mean that online banking platforms can soon look dated and creak under the increasing demands of customers. It is not just the features and functions of the platform that are important to customers, but also the ease of use, the ability to customise and an intuitive design that is easy to learn.

Simplicity is the ultimate goal for the end user, but designing such a platform is anything but simple. The redesign itself can involve a radical overhaul of existing systems, and the implementation process can also be complex, with the bank having to ensure that its customers are seamlessly migrated onto the new platform. But the easier the platform is to use, the fewer hours the bank will spend helping its customers adapt to the new tools.

DBS was given the Most Innovative Transaction Bank from Asia-Pacific award for the upgrade and implementation of its internet banking platform, Ideal 3.0. The Singapore-based bank, which has pan-Asian growth aspirations, has successfully upgraded and refreshed its online banking platform to provide corporates with a faster and simpler way to manage their cash and trade transactions. 

The clients using the platform vary greatly in their size and their geographical focus. DBS’s clients range from local
small and medium-sized enterprises,
large Asian businesses that are growing across the region, to Western multinational corporations.

The project to upgrade DBS’s Ideal platform, which has been available since 2004, was driven by the need to address some difficulties – such as a cumbersome set-up process – and also a desire to improve the design and make the online banking platform more accessible and attractive to its customers.

The new platform has a number of features, such as a dashboard that can be customised with a selection of widgets. The platform provides DBS’s clients with an integrated payments solution that supports local and cross-border fund transfers of more than 40 payment types. Ideal 3.0 also offers payment information value-added services, whereby the users can view statements online and format the data to meet their reporting needs.

The bank is currently migrating its customers to the new platform and volumes are steadily increasing as they move across to Ideal 3.0. In April 2013, there were 259,462 transactions, up from 173,073 the month before, and volumes are expected to rise even more in the coming months.

Most Innovative Transaction Bank from Europe

Winner: Deutsche Bank 

A major theme that runs through the transaction banking industry is the need for clients to reduce risk and increase transparency. While clients are looking to operate more efficiently, they need tools that are easy to use and present information in a user-friendly format.

Deutsche Bank’s Autobahn App Market was a significant milestone for the industry when it was introduced, as it was the first of its kind in the financial services industry.

The app-based solution simplifies the complexity of the bank’s existing electronic banking platforms and users can sign in once to the ‘one-stop shop’ and customise the apps according to their needs. The apps include those that allow regular banking and execution tools, while also providing users with the bank’s research and analytics tools.

The tool means that electronic products across Deutsche Bank’s business divisions and asset classes can be combined into one integrated offering. The project was initially born out of a realisation that the solution had to be designed so that it could be used by different areas of the bank and could be integrated so that clients could access a range of tools. The Autobahn App Market was developed in different parts of the bank, including the product management division of global transaction banking (GTB) and corporate banking and securities’ e-commerce division.

Deutsche Bank has been named the Most Innovative Transaction Bank from Europe for the development of this Autobahn App Market. While the market has been developed over a number of years, the award has been given for Deutsche Bank’s continued improvement and development of the solution in recent months.

At the moment, there are 150 apps within Autobahn, with the number expected to continue to climb in the months ahead. In less than 12 months, Deutsche’s GTB division has onboarded 20 apps for cash management and transaction banking, as well as liquidity management.

These apps include the liquidity manager app, which allows clients to improve the visibility of their local and global liquidity positions, both at Deutsche Bank and third-party banks. The app gives oversight for individual accounts or at an aggregated level, and enables users to improve their internal forecasting process by automatically aggregating forecasts at a regional or global level, for example. Another app that has been added, the cash manager app, gives payment information to the users via an easy-to-use dashboard.

Most Innovative Transaction Bank from the Middle East

Winner: Bank Leumi 

Continued investment in digital channels has been a theme for Israel-based Bank Leumi, which has gained a reputation for being innovative in its development and application of  technology solutions.

The bank has launched a number of digital banking solutions, such as its Cellular Check Deposit, which allows customers to deposit a cheque via a smartphone app that sends an encrypted photo of the cheque and removes the need to visit a branch.

Bank Leumi also has a number of digital channels, including its website, the LeumiTrade capital market trading site, and the social media sites such as Leumi blog, Leumi Twitter and Leumi Facebook.

The bank has also established Leumi Total Digital, a bank account that allows customers to manage their banking transactions entirely through digital channels, without paying any transaction fees. Bank Leumi has been judged as the Most Innovative Transaction Bank from the Middle
East for its investment in digital channels, and the continued development of its existing solutions.

The bank has worked on a number of projects to upgrade LeumiTrade, a trading and investment website that is used by a wide range of clients. Through the site, users can manage their investment portfolios on Israeli and overseas exchanges efficiently from anywhere in the world.

The bank upgraded the site’s user interface with the introduction of Investment Avenue, a platform that makes it possible to compare and sort 10,000 securities in an easy-to-understand format.

Another project to upgrade LeumiTrade was Global Trade, a tool that aimed to cater to the growing interest in investing internationally and having access to information in Hebrew. The tool offers trading and information for US stocks, US exchange-traded funds and European stocks.

The bank also created a project to build the Investor Tool Centre for the LeumiTrade site. This was developed after the bank realised that many of the users of LeumiTrade were not fully aware of all the tools and capabilities the site had to offer.

Bank Leumi also developed an iPad application for LeumiTrade, to cater to the shifting preferences of the clients, who are increasingly wanting to be updated on their investments while on the move. The bank has already been offering LeumiTrade applications for smartphones and, in March 2013, the bank launched the iPad application.

Innovation in Cash Management

Winner: Citi 

Visibility and control have become the keywords in the world of cash management. In an economic and business environment that has been particularly challenging in recent years, the attention of cash management professionals has shifted to improving operational efficiency, optimising working capital and unlocking pockets of liquidity that exist within their organisations.

For businesses that operate in numerous jurisdictions, the task is more complex, especially when foreign exchange risks also have to be considered. If businesses are able to predict these risks and proactively manage their cash flows, they can forecast more accurately. If they have limited visibility and incomplete data on their credits and debits it can undermine the organisation’s ability to set and achieve its financial goals.

These are the needs that Citi’s treasury and trade solutions division aims to address. Its clients include multinational corporations, financial institutions and public sector organisations, and its solutions have to address the complexity of clients that are handling payments and receivables across numerous channels and in different countries.

Citi has been given the Innovation in Cash Management award for its ReceivablesVision and Payment Analytics solutions, which are accessed via CitiDirect BE, the bank’s online banking platform for institutions. The use of its tools has been growing, with clients first using them in Asia and North America, and now there are more than 100 clients using the solutions in some 17 countries.

ReceivablesVision is an analytics and reporting solution that aggregates data across countries, currencies and transaction types such as business-to-business and consumer-to-business payments. The Payment Analytics tool can be customised so that an organisation can apply filters, such as time periods, accounts, geography and transaction status.

The complexity of the payments and receivables data is absorbed by the solutions and is consolidated into a graphical format that includes an interactive dashboard. The front end has been designed with the user in mind and was developed by incorporating client feedback.

The solutions give organisation visibility and control over all their credits and debits across numerous clearing houses in multiple countries. Armed with the analytical tools, organisations can identify payment trends, where payments have been rejected and identify where manual intervention can be removed and automation introduced. Such analytics help an organisation’s straight-through-processing rates and enhance operational efficiencies, with the potential for massive cost savings.

Innovation in Collateral Management

Winner: Standard Chartered 

The efficient use of collateral has come to the fore in recent years, but one area that has been neglected is the management of physical commodity collateral.

The needs of commodity financiers are in line with wider trends in the transaction banking industry. They, like others, are looking for more automation, more effective credit risk management as well as robust reporting capabilities. In their interactions with their clients, commodity financiers also need to effectively manage client and collateral positions, monitor the terms of the financing as well as organise the documentation associated with physical collateral.

There have been limitations in doing this effectively and many of the processes involved have been time-consuming. The lack of sufficient data on commodity collateral meant that checks needed to be done manually, and inadequate reporting meant that it was onerous to create reports on client positions.

Standard Chartered was given the Innovation in Collateral Management award for its Commodity Control Application (CoCoA), an app that manages physical collateral that is held against collateralised financing.

The app was developed to address the limitations of existing systems that have been available in the industry. Existing processes were inefficient and could not be scaled up, and Standard Chartered has developed a solution that can handle greater volumes, which caters to the aspirations of commodity traders.

The app was developed in house and the project involved different areas of the bank. It has many interfaces and receives transactional feeds from different processing systems in transaction banking, lending and financial markets as well as the bank’s core banking platform. CoCoA also receives commodity market prices from external sources such as Bloomberg and Reuters.

CoCoA makes it possible to validate transaction data against client limits, and daily reconciliation is possible as the application has an interface with trade finance and back-end processing systems. The app also monitors the terms and conditions of financing agreements and has a library function for documents on transactions, insurance policies and warehouse agreements.

For the end user, it is possible to view reports at a country, regional or global level on clients or the type of collateral. The user interface can also switch between countries, organisational units or languages within the same session.

Innovation in Securities Services

Winner: HSBC Securities Services 

A bank’s web portal is its online face to its customers, and if that face is difficult to read or understand the customers may take their business elsewhere. Hours can be lost with sites that are difficult to navigate, and patience can be worn thin from having to navigate too many pages and pop-up windows just to complete a simple task.

HSBC Securities Services (HSBC SS) has been given the Innovation in Securities Services award for the development of its web portal. With a new look and feel, the rejuvenation of the HSBC SS web portal has been designed so that the ‘new face’ of the bank is intuitive and easy to navigate. By coordinating with the different product lines at HSBC SS, the portal gives a consistent view across the product lines within HSBC SS. The portal also houses numerous app and widgets that can be configured and customised by the client according to their needs.

The portal gives a consistent design across the product lines at HSBC SS. The project also added new features to the portal, and one application is available in simplified Chinese. As well as the online real-time HSBC SS portal, the project also involved building an offline dynamic demo tool, as well as an iPad app for one of the tools. The Market Information Portal can be accessed via a tablet so that clients can catch up on news announcements and market guides on the go. This iPad application accesses the same processes as the main portal.

The portal has a number of features, including a dashboard, report centre, portfolio query and an asset-servicing tool.

The dashboard gives a customised view of summary information and allows users to keep track of their investment and custody activities, view real-time data and analyse information quickly with easy-to-read charts and tables. With the report centre, users can customise the report by dragging and dropping the data attributes they want to view. And the portfolio query means they can monitor positions and trades in real time, with an accurate view of current holdings and the ability to identify settlement issues.

The asset-servicing tool is a comprehensive platform for managing corporate actions, and the process has been streamlined so that actions can be completed with only three clicks. HSBC SS clients in Europe were scheduled to be migrated to this tool in the first half of 2013.

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