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.
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.
In its cash centres, HSBC acts as an agent for the U.S. Federal Reserve for the stockholding and distribution of U.S.dollars.
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.
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.
The recording of all shipment data into Excel spreadsheets was an administrative overhead for the bank.
Shipment data is now captured as a bi-product of the normal operation.