Deutsche Bank provided a solution that allowed its client to implement an integrated online FX platform, reduce costs and centralise payments
HCL Technologies is a global IT services company, headquartered in Noida, Uttar Pradesh in India. It was originally the research and development division of HCL Limited but emerged as an independent company in 1991 when HCL Limited ventured into the software services business. The company has offices in 32 countries and operates across a broad range of industries, including aerospace, defence, automotives, consumer electronics, energy and utilities, financial services, governments, independent software vendors, industrials, healthcare, media, oil and gas and telecoms. HCL Technologies is on the Forbes Global 2000 list and one of Asia’s Fab 50 companies.
HCL’s main challenge was in managing Foreign Exchange conversions across multiple locations. This involved dealing with a multitude of banks and their treasury departments. This was especially complex as HCL’s own treasury is centralised in Noida. This was cumbersome and inefficient due to the many different techniques adopted by banks and various time-zones. HCL turned to Deutsche Bank to provide a solution that could help them implement an integrated online FX platform, reduce transaction costs and centralise payments and FX booking.
Deutsche Bank provided an online FX platform which was integrated with the payments platform of the Bank, thereby enabling HCL to avoid fixing rates on the telephone or through another bank’s tool. This incorporated HCL Technology and all its subsidiaries across the globe – 23 entities in Europe and the Americas and 23 different currencies. The solution completely integrated the client’s existing payment flow and seamlessly connected with HCL’s ERP system.
Benefits for the client
This ground-breaking solution enabled the client to seamlessly integrate its existing payment processes with Deutsche Bank’s FX4Cash platform. The solution was a “plug and play” model which meant HCL did not incur any costs related to IT integration. Thus, the client was able to streamline and centralise its FX booking process and align it with the same platform that made payments. The solution was rolled-out simultaneously across several continents and was implemented within a short turnaround time with no interruptions to HCL’s systems.