M.C. Dean's solution utilizes the HSBC virtual card solution to streamline the procure-to-pay process in a way that few other organizations have contemplated, let alone implemented due to the complexity of the challenge.
Central to the M.C. Dean front-end tool design, the team integrated APIs with virtual cards to support a multitude of buying needs that allow for secure, instant card issuance tied to approved purchases.
As a result, employee and purchasing details are authorized by HSBC for the generation of a single-use virtual card number that is instantly passed on to the supplier for payment.
The integrated pre-authorization design features financial controls such as monthly and single purchase credit limits, approved commodity types and requestor accounting details at the front end of any transaction.
Included in this best practice design is a daily auto-reconciliation capability, supplemented with accounting details and card billing data automatically delivered to M.C. Dean's ERP system. As part of this process, transactions are approved and automatically posted to the general ledger without any human involvement.