Class now receives a direct-connect data feed from HSBC savings, transaction and term deposit accounts in its wealth accounting software for SMSF and non-SMSF portfolios.
The new HSBC feed supports the growing demand by SMSFs for international assets.
Direct-connect data feeds allow automation of data entry, saving time and greatly improving productivity for accountants and advisers administering client portfolios.
HSBC offers a variety of savings and transaction accounts for everyday banking, including multi-currency transaction accounts which allow customers to hold up to 10 different currencies under the one account number and offer access to real time currency conversion and FX trading.
Class CEO Kevin Bungard welcomed the new link with HSBC and said it would improve SMSF administration for funds with HSBC accounts and strengthen foreign asset support in Class.
In February 2015, Class was the first in the industry to offer fully automated general ledger accounting for international shares and foreign currency support for SMSF and wealth accounting.
“The need for accountants to support SMSFs investing internationally is a continuing trend. HSBC’s offering is a great example of the products that SMSF trustees are taking up and Class is thrilled to add them to our data feeds list,” Mr Bungard said.
Scott Ellis, Head of Wealth for HSBC states that “HSBC is pleased to be working with Class to bring a much needed and simple foreign exchange account solution for SMSF clients and accountants”.
Class provides over 180 direct-connect data feeds for banks, brokers and wraps. Class feeds are audited – the ASAE3402 certificate provided to SMSF auditors greatly streamlines end of year processing.
