HSBC's Global Payments Solutions transform Fluidra's treasury

Fluidra, a multinational group listed on the Spanish Stock Exchange, is one of the global leaders in the pool and wellness industry. Operating in 47 countries, Fluidra has more than 120 commercial delegations, over 35 production centers and multiple strategically distributed logistic hubs supporting their production distribution centres.

Fluidra have banked with HSBC for more than 12 years and have accounts in over 16 countries. As one of their main international banking providers, HSBC was well positioned to support Fluidra with their ambitions to automate their cash management processes and build a centralised treasury.

Fluidra had a decentralised treasury structure which was becoming an increasing challenge due to a lack of visibility and control over their accounts and excess cash. The risk of manual error was ever present with siloed treasury management teams, which was halting Fluidra’s cash control ambitions. An automated global cash management solution was imperative to meet Fluidra’s business objectives.

HSBC have delivered a future proof global solution to centralise Fluidra’s treasury structure and automate previously manual processes. SWIFTNet connectivity has been implemented for payments and reconciliation, covering all Fluidra’s accounts with HSBC globally. The addition of SWIFTNet, alongside HSBC’s proprietary online banking platform HSBCnet, has provided Fluidra with a more automated process, saving valuable time for their treasury team.

HSBC have also supported Fluidra with optimising their excess cash using our Global Liquidity Engine. A domestic cash concentration structure was created in HSBC Spain with an auto reverse sweep to remove the requirement for intercompany loans. Due to Fluidra’s global expansion, master accounts across nine different currencies were opened in HSBC Ireland and are encapsulated in a multi-currency notional pool. The master accounts are funded by an automated cross-border cash concentration sweep from HSBC Ireland. The multi-currency notional pool in HSBC Ireland provides Fluidra with preferential interest by notionally offsetting credit and debit positions held in the different currencies.

The sophisticated connectivity of SWIFTNet coupled with the automated global liquidity solution has transformed Fluidra’s treasury. Fluidra’s centralised treasury now has total visibility across all accounts globally and can take advantage of pooling their global cash and offsetting credit and debit positions automatically.

• Centralised treasury with capabilities to offset different debit and credit positions notionally
• Automated global liquidity with a reversal cash-pooling to meet Fluidra’s objectives of keeping bank balances within their subsidiaries on a daily basis
• Total visibility and control for all the companies around the different geographies