Syfe achieves 24/7 investment experience with HSBC’s Credit Notification APIs

Syfe is a digital wealth management platform with a mission to empower people to build their wealth for a better future. Their revolutionary wealth management experience is designed for people to grow their money to its fullest potential and manage wealth in one destination. The company is now present in Singapore, Australia and Hong Kong, with over 100,000 clients in Singapore alone trusting Syfe to manage their money.

To Syfe, seeking new ways of providing greater convenience and flexibility to clients on their platform is central to their approach. They are constantly seeking to adopt new technologies that can enhance the overall customer experience.

Given the nature of markets, Syfe identified improving speed of deposits and withdrawals as key attributes in creating a seamless client experience on their trading platform. They noted that this would make clients feel more secure through quicker funding and withdrawal times, and more importantly, allow them to seize time-sensitive market opportunities as they arose. Additionally, they observed that granting clients with the ability to deposit and withdraw funds 24/7 would be a significant differentiator against their competitors.

However, if clients did not include the necessary identifying information in the inward remittance reference fields, manual reconciliation would be required, leading to delays in fund application to investment accounts. Therefore, a process that could automate the recognition and reconciliation of incoming payments was essential for the business.

To enhance the deposit experience on their platform, Syfe co-created a solution with HSBC that leveraged Virtual Accounts (VA) and instant credit confirmations via API. The VA solution solves the problem of receivables reconciliation by providing each investor with a unique VA number to remit funds to. Once funds have been received by the VA, a corresponding credit notification is immediately triggered and sent directly to Syfe’s internal systems. The notification includes payor details such as name and bank account number, portfolio number, and the purpose of payment, automating reconciliation. This has allowed funds to be credited to investment accounts in seconds, 24/7. The investor also receives an instant notification once funds have been reconciled and applied to their account, elevating the overall user experience.

For trade redemptions, HSBC worked with Syfe to deliver a solution integrating Singapore’s real time payments Fast and Secure Transfers (FAST) clearing channel to provide a smooth customer experience. For every trade redemption request, payments are instantly initiated via FAST the moment they are received, allowing funds to be credited to clients in just a matter of minutes. Overall, this accomplished the automated, near-instant payment and reconciliation process Syfe needed to support straight through investment and withdrawal of funds for their clients.

• 100% automation accomplished on payments and receivables reconciliation
• 50% reduction in investor queries on funding
• A scalable, standardised platform with efficient processes
• Enhanced customer experience through 24/7 real-time reconciliation and confirmation of funds to investment accounts
• Ease of matching remitter's account number and name in order to meet regulatory requirements on verifying third party deposits
• First in Singapore to use HSBC’s Credit Notification APIs, underscoring Syfe’s commitment to leveraging emerging technology