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QuickPay for HSBC MasterCard

QuickPay for HSBC MasterCard. CCT 335 By: Po Hei Lam, Ho Ting Pong, Wyann Leung, Angie Kam. Overview & History. HSBC MasterCard is one of the largest banking and financial service organization around the world Established in 1865 As known as Hong Kong and Shanghai Banking Corporation.

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QuickPay for HSBC MasterCard

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  1. QuickPay for HSBC MasterCard CCT 335 By: Po Hei Lam, Ho Ting Pong, Wyann Leung, Angie Kam

  2. Overview & History • HSBC MasterCard is one of the largest banking and financial service organization around the world • Established in 1865 • As known as Hong Kong and Shanghai Banking Corporation

  3. Existing Business Practices • Payments made to HSBC MasterCard from the cardholder’s financial institution will take 2 - 3 days to process • It will take 2 business days from a HSBC bank account and 3 business days from other financial institutions • The reason for delay is that the financial institution does not send them merchants each individual payment every time they receive it from one of their customers • These payments are processed by a third party - The National Bank. After they are processed by The National Bank, the payments are sent back to HSBC • When HSBC receives the payments, they put the payment into the suspense account - a temporary account that HSBC MasterCard uses to sort all the individual payment to the cardholder’s account • Payments from the suspense account is processed manually outsourced to India due to lower labour costs

  4. Proposed System - QuickPay • The new HSBC MasterCard online payment process, QuickPay will be close to a real time update • Branch over the counter payments will be shortened from 5 business days to 1 business day. Tele- and internet banking payments will be shorten from 2 to 1 business day • If payment is made through another financial institution, the payment cannot be processed until the other bank sends the payment to HSBC • QuickPay does not apply to MasterCard bill payments at ATMs • Instead of sending payments to National bank, HSBC will handle these payments directly with new information systems • The new systems will be incorporated with one of their existing systems - ClientConnect • Process is sped up by sending payment by batches instead of individually

  5. QuickPay Payment Process • 1) Customer makes a payment at the branch, or through telephone/internet banking • 2) The systems checks for sufficient funds and debits customer's savings/chequing account • 3) Payment information is stored on ClientConnect. • 4) ClientConnect will send these payments made to HSBC MasterCard in a suspense account titled “HSBC MasterCard Payments” • 5) QuickPay will posts the individual payments to the correct MasterCard accounts • 6) The customer will be able to see the payment applied to their account the same or the following day

  6. Existing DataFlow Diagram

  7. DataFlow Diagram for QuickPay

  8. UML of QuickPay System

  9. Implementation of QuickPay / SDLC • Concept: A need for a new system that can perform and facilitate transactions in a faster manner • Inception: The main goal is to shorten the processing duration. The management team will consult with the technical team of the design, features and planning of the new system • Elaboration: The requirements of the new system will be finalized in this step. • The conceptual model of the faster and automated processing system will be established. • At this phase, the transaction process of QuickPay will be outlined. • The transaction from the beginning to end will be documented step by step.

  10. Implementation Cont’d • Transition: Training is provided for users and those who will handle the system. Both users and the banking personals should have a clear view of how the new system works. • User documentation will be provided along with help desk for employees. • Production: Once QuickPay is up and running, the technical and management teams have to constantly monitor its processes to ensure the system is working properly • Monitoring and maintenance should be performed regularly • Procedures for a customers to make a payment will be same as before, the only difference with the new system will be shorter processing time • Retirement: The end of project planning of the QuickPay system until new system concept is concepted.

  11. Advantages • Instantaneous bill payments • Maintain customer satisfaction • Reduce complain of process time • Reduce chances of late payments • Earn valuable competitive advantage • Attracting new and potential customers • Up-to-date database management system

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