HSBC gives prudential's customers pay service

The facility is a part of the cashmanagement service HSBC of Thailand is providing to Prudential Life Assurance, one of its cus¬tomers.

Nicholas Holder, chief financial officer at Prudential Life Assurance (Thailand), said the rationale behind the decision to work with HSBC and Counter Services was part of a policy to develop quality in client services.

"The addition of such a life assurance premium payment channel is one such service, mak¬ing it more convenient for cus¬tomers. Furthermore, customers making their premium payment through Counter Service will not be charged any extra fees," he said.

He said the partnership would improve the efficiency of the man¬agement processes of those mer¬chants that bank with HSBC and choose to use this new service to collect payments from their retail customers.

"This alliance clearly delivers the combination of HSBC's inno¬vation in payments and cashman¬agement services and Counter Service's leadership in convenience store operations to deliver a unique and valueadded service," said Kee Joo Wong, senior vice president, head of global payments and cash management, HSBC in Thailand.

This value added service will certainly render greater convenience to customers of Prudential Life Assurance, and will be welcomed by both consumers and merchants as a convenient and efficient way to settle and collect bill payments," said Kee Joo Wong, Senior Vice President, Head of Global Payments and Cash Management, HSBC in Thailand.

"In addition to providing con¬venience to consumers, the arrangement will also help reduce costs and improve efficiency for companies as collections will be handled by both Counter Service and HSBC.

"The reconciliation process for merchants is further streamlined through automation of data cap¬ture and online consolidation reporting via HSBC's Internet banking platform HSBCnet."