Until recently, Quorn's business model involved working with separate agencies in each country to distribute its products locally. Recently, however, the company began operating a direct sales model in the U.S. and Germany. The disparate business models combined with Quorn's ongoing global expansion added complexity to their payments and cash management processes.
To help simplify processes, the company began funnelling most of its banking through HSBCnet - from payments and receivables through to FX. "With HSBCnet we can see all our HSBC accounts in one place," states Mr. Trinder. "Whether that's in the UK, Germany or the U.S. It's a great solution for a global company."
Specifically, Quorn uses the online banking platform to initiate payments to suppliers around the world from a variety of funding accounts. The system also allows them to manage payroll and pay employees locally. "It's very easy to log on and review the payments that need authorising," he says." Plus, we can run reports as well as download the details for transactions and upload them right into our accounting systems to make reconciliation faster and simpler."
All receipts are deposited electronically as well. This includes cheques from the U.S., which are scanned by Quorn sales representatives onsite and fed directly into HSBCnet. "Europe doesn't really use cheques anymore," explains Mr. Trinder. "So it's particularly convenient that HSBC is able to help us adapt in markets that operate differently from what we're used to."
Since Quorn holds all their currency accounts with HSBC, they are also able to use HSBCnet to initiate forward contracts for a much more convenient solution compared to having to do FX-related transactions by phone.
Mr. Trinder also says that they appreciate the layers of security HSBCnet offers. "While it seemed a bit complicated at first, we realise that's what's needed. It's effective and professional, and honestly it's the only thing that's complicated about HSBCnet. The system itself is intuitive and very easy to use and we're able to train people and get them on-board quickly." He goes on, "The teams have been very proactive in showing us how to maximise the capabilities HSBCnet has to offer."
In addition to HSBCnet, it's the Bank's global network that Quorn really values. "HSBC's global network is critical to us as we grow our presence around the world," Mr. Trinder explains. "It's great to work with one partner - I can contact my Global Relationship Director here in the UK and quickly get connected to another Relationship Manager or specialist in a specific country to answer my question. It's an incredible benefit."