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Case study: Dollar Tracking System for HSBC

7 Layer Solutions, an independent software developer specialising in the cash logistics industry, provides dollar tracking solution to HSBC.

Client Profile

HSBC is one of the largest banking and financial services organisations in the world. Headquartedred in London, its international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

Background

In its cash centres, HSBC acts as an agent for the U.S. Federal Reserve for the stockholding and distribution of U.S.dollars.

Situation

In order to comply with stringent audit and reporting requests from the Federal Reserve, HSBC were faced with an onerous administrative task in recording all shipment data and then in retrieving, collating and responding to queries.

Solution

7 Layer Solutions designed a system for capturing shipment data using bar-coding and portable scanners, which is uploaded to a database on the bank’s pc network.

Pain

The recording of all shipment data into Excel spreadsheets was an administrative overhead for the bank.

Gain

Shipment data is now captured as a bi-product of the normal operation.

Since all data had to be keyed, there were often transcription or transposition errors.
Bar code scanning is quick and it avoids the keying errors common to the previous process.
Responding to queries from the bank meant tedious searching through excel spreadsheets.
Standard reports and queries enable the bank to respond quickly and easily to information requests from the Federal reserve.
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