The challenge

When a new Treasurer joined Bandwidth, he embraced the company’s heritage of innovation. With the company poised for growth and since many of their cash management processes were manual, they needed to become more flexible to meet their evolving needs. There was also a higher risk of human error as well as lengthy, often cumbersome reconciliation processes.

As a first step toward establishing a treasury management system, Bandwidth decided to move to Trovata, an open banking platform that gives companies a real-time snapshot of cash balances. They also began looking for new, innovative API solutions that would automate the flow of information to Trovata for greater up-to-the-minute visibility of cash flows and overall liquidity. “Our plan is to grow internationally, so having all foreign accounts connected – preferably by API – is critical for us,” says Scott Taylor, Bandwidth’s Treasurer.

The solution

After HSBC’s introductory meeting with Trovata at the 2019 AFP Conference, Mr. Taylor approached HSBC to discuss how the three parties could work together to transform the company’s treasury operation. Following a discussion about HSBC’s Treasury APIs, that allow companies to integrate financial solutions and account information easily into their own systems, Bandwidth decided to use HSBC’s Treasury APIs for Balance and Transaction Reporting across their global accounts.

Using HSBC's Balance and Transaction reporting APIs gives the treasury team the ability to pull real-time Balance and Transaction data from their global HSBC accounts directly into Trovata, automatically or on-demand. The API eliminates the need for intraday reporting based on batch uploads pushed by the bank, which run on 30 minutes cycles and are not real time - impacting true visibility. The end result is easy-to-access and digest insights of cash availability, cash forecasting and cash flow analysis across all accounts domestically and internationally.

"We certainly appreciate HSBC's commitment to technology. The automation, efficiency and visibility to real-time data allows us to make better cash management decisions."
_{Scott Taylor, Bandwidth’s Treasurer}

Benefits

• Flexible and scalable
• Enhanced visibility
• Automated processes
• Greater overall efficiency

Download the full Bandwidth case study here:

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