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Virtual Account Solution Transforms Reconciliation
Accelerant is a high growth business offering insurance distribution and underwriting across the UK, Europe, Australia and North America.
Led by a team of insurance industry veterans, software experts and data scientists, Accelerant is committed to offering their hand selected Members best-in-class data, enduring relationships and long-term capacity. Accelerant focus on unlocking each Members’ unique capabilities to fully leverage their expertise in serving their policyholders.
HSBC has been Accelerant’s banking partner since their inception, supporting Accelerant’s growth ambitions across Europe. HSBC were tasked with proposing and delivering an efficient and future proof solution, to streamline Accelerant’s reconciliation processes.
Time consuming manual reconciliation
Reconciliation of client money receipts had become a challenge for Accelerant due to the increased volume of payments from their Managing General Agents (Members) globally. Accelerant were relying on individual Members to quote the correct information and references on their payment instructions, which left Accelerant vulnerable to potential delays, impacting the Members and increasing manual processing. Accelerant required a solution that provided them with automated reconciliation and near real-time visibility.
The partnership with HSBC in the Virtual Account space has been ground-breaking for Accelerant. We have improved our straight-through-processing rate significantly, reduced the number of queries by over 70%, and enhanced our Members' experience.
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Virtual Accounts
HSBC’s Virtual Accounts have transformed Accelerant’s ability to reconcile payments received from their Members. Each Member has been provided with a unique Virtual Account number, eradicating the reliance on bespoke references, increasing Accelerant’s levels of straight-through-processing (STP) to the client account level. Virtual Accounts are particularly effective for Accelerant’s insurance Members who operate in multiple jurisdictions, allowing Accelerant to assign a separate Virtual Account for each jurisdiction, reconciling each Member as required.
HSBC’s Virtual Account solution is scalable and future proof, primed to support Accelerant as they expand their insurance Member partnerships and their geographical and currency footprint.
We have welcomed the opportunity to provide a global solution that will support Accelerant’s future growth, strengthening our relationship. We are delighted that HSBC’s Virtual Account solution has delivered multiple benefits to Accelerant’s business operations, in Ireland and the UK.
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The Success
- Near real-time reconciliation
- Reduction in manual processing and queries
- Future proof, scalable, international business model
- Increase in straight-through-processing (STP)
