HAB is one of the premier providers of correspondent banking services in the New York and Los Angeles metropolitan areas. Our extensive global network of affiliated and correspondent banks allows us to virtually serve our correspondent banks throughout the world. With specialized knowledge of international banking, HAB has positioned itself uniquely as an institution equipped with the relevant expertise to meet banking needs of our correspondent banks at all levels. Currently we are providing our correspondent banking services to financial institutions located in over 23 countries.
Funds Transfer/ Settlement Services
HAB has been a leader in its peer group in implementing technology to streamline operational processes. We offer real-time funds transfer/settlement services through our hPLUS FMS. We are an on-line member of the Fed and CHIPS Network and SWIFT Network. All transfer requests are handled in a secure and risk managed environment.
Funds Management Services
HAB offers fully automated Overnight Investment Account Services to facilitate effective management of correspondent bank’s DDA account’s end-of-day balances through International Banking Facility.
Sweep balances include all confirmed and unconfirmed receipts for your account during the day. The arrangement is an ideal cash management tool to handle unexpected high value receipts.
Overnight Investment Account
Our Overnight Investment Service is designed to provide optimum management of surplus balances. We ensure that surplus funds at the end of the day, in excess of the peg balance are invested on a “sweep” basis. This allows a correspondent bank to earn extra income on un-confirmed receipts.
Letter of Credit Reimbursement Services
When it comes to letter of credit reimbursement, HAB knows exactly what our correspondent banks want. Our Reimbursement Services are designed to processing of reimbursement claims accurately and efficiently.
Our Global Integrated Funds Transfer System has a built-in-module to process letters of credit (L/Cs) reimbursement claims against the U.S. Dollar denominated L/Cs established by our correspondent banks. The system allows a highly automated environment to process claims received from correspondent banks.
Export Reimbursement Processing Services
HAB offers Export Reimbursement Claim processing for the U.S Dollar denominated L/Cs negotiated by our correspondent banks. We process these claims in a highly efficient manner and ensure that the proceeds are credited to correspondent bank’s account within 72 hours. In case the paying bank, due to any reason does not honor the claim, we will convey the reason to our correspondent banks immediately. This service frees up our correspondent banks from having in place testing/authenticating arrangement with banks in New York. We will track the claim until it is paid or denied.
International Trade Finance
We offer a wide array of Trade Finance services to our correspondent banks. The services include Advising, Negotiation, Confirmation, and Discounting of Letters of Credit. We also offer re-discounting and post-shipment financing of transactions under Letters of Credit subject to prior arrangement and approval. All transactions under the Trade Services are handled in a timely manner.