KUALA LUMPUR, 15/7/2021 – HSBC Malaysia has today announced the successful migration of Silverlake Axis Ltd Group’s manual payments to an online solution, that enables multiple banks across seven markets to talk in the same language. This digital transformation will provide Silverlake with USD 50,000 in productivity savings per annum.
Founded in 1989, Silverlake has built an impeccable track record of successful core banking implementations. In less than two decades after its inception, over 40% of the top 20 largest banks in South-East Asia run Silverlake’s core banking solution. However, Silverlake was facing challenges in managing paper-based instruction and reconciling multiple bank accounts from numerous banks with varying statement formats.
By working with HSBC Malaysia and leveraging HSBCnet, Silverlake has consolidated 39 entities with more than 70 accounts across seven markets (Malaysia, Singapore, Indonesia, The Philippines, Vietnam, Thailand and Hong Kong SAR). The consolidation of accounts eliminated the manual processes involved to reconcile multiple bank accounts, payment processes and balance views, providing Silverlake with a reduction in cost and time savings.