Left: what the client sees
A handful of plain milestones, a moving indicator and exactly where the money is at every moment — never a frozen screen.
Right: what the bank is doing
Every system touched, every stage that must pass before finality, and the audit trail being written as it happens.
Both driven by one engine
The two views read the same state, so they can never disagree. Use Pause to explain any stage mid-flight.
Demo 1 · Cash to asset
Keep the cash buffer invested, get it back at any hour
Money-market funds deal only on business days, so treasurers keep a precautionary buffer in plain deposits in case cash is needed when the fund is shut. Party A Holdings keeps its US$50m buffer in a tokenised share class instead. At 23:10 on a Sunday, Singapore's Monday payroll needs US$20m: the treasurer redeems units into tokenised deposits in seconds, as a single exchange of units for cash, and the rest stays invested.
What the client sees
HSBCnet · Liquidity & Investments (mock)Party A Holdings (HK)
Group treasury
Tokenised USD deposits
$12,400,000
USD money-market fund · tokenised units
50,000,000
What the bank is doing
Systems this touches · illustrative integration map
Client channel
HSBCnet / Treasury API
Where the treasurer or their ERP places the order
Client reporting & ERP feed
Contract note, API callback, statement
Controls
Entitlements & approvals
Who may deal, mandate limits, maker-checker
Financial crime screening
Sanctions, AML and PEP checks before value moves
HSBC Asset Management
Fund order management
Investor eligibility, dealing rules, concentration limits
Fund cash buffer
Tokenised deposits the fund holds to pay redemptions while markets are shut
NAV & pricing
Strikes the unit price the order settles at
HSBC Securities Services
Transfer agent & unit register
Issues, reserves and cancels fund units — the fund side
GPS · Digital Money
TDS ledger
Tokenised deposits: escrow and transfer — the payment side
Atomic settlement engine
Commits both sides together, or neither
Books of record
Core banking & general ledger
Deposit accounts and accounting entries
Reconciliation, audit & cases
Ledger, core and register must agree; exceptions get an owner
Stages before finality
- Choose a scenario to run.
Event log · immutable audit trail
What HSBC already has
- The Tokenised Deposit Service — a 24/7 tokenised payment side, live in six markets. HSBC
- Tokenised fund infrastructure: HSBC is tokenisation agent, trustee and registrar for CSOP's tokenised HKD money-market ETF class (June 2026). Asia Asset Management
- Its own money-market funds through HSBC Asset Management. HSBC AM
- Market direction: the HKMA's EnsembleTX pilot made tokenised deposits settling tokenised money-market fund transactions its initial focus. HKMA
What is new
Joining the pieces. The payment side, the registrar capability and the funds exist separately; a treasurer on TDS cannot yet buy or sell an HSBC fund atomically, out of hours, with no settlement gap. This demo is that join — delivered entirely inside HSBC, with no external platform in the path.
It also rehearses the harder, larger prize: once the join works for HSBC's own funds, the same payment side can serve third-party funds on shared networks.
The hard parts
- The fund, not the rail, sets the clock. Out-of-hours dealing needs a share class whose terms and pricing allow it, approved by the fund regulator.
- The register must run 24/7 — transfer agency operations and exception handling included.
- Legal finality of the exchange has to be confirmed per jurisdiction, not assumed from atomic settlement.
- Who pays out while markets are shut. Weekend redemptions come from the fund's cash buffer, sized to expected demand. Beyond it, the realistic fallback is an HSBC loan to the investor secured on its units — many markets restrict a bank from propping up its own fund.
- Fund liquidity rules — redemption limits, gates and fees — must be enforced in the flow, not after it.
Demo 2 · Cash to cash
Automated cash pooling on the 24/7 rail
At 02:15 on Monday, Singapore's payroll batch drops its balance below the floor the treasurer set. Nobody is awake, and nobody needs to be. The rule decides, the controls check, and the money moves — and when a top-up would breach the client's own daily cap, automation stops and a named person decides.
Why this is new: treasurers currently choose between automation and availability
| Moves by rule? | Moves any hour? | What is missing | |
|---|---|---|---|
| Conventional cash pooling | Yes | No | Sweeps run on scheduled cycles, usually end of day, bound by cut-offs and business days |
| Tokenised Deposit Service today | No | Yes | Every movement still has to be spotted and instructed by a person or a client system |
| This proposal | Yes | Yes | Nothing on the rail — the new parts are the policy engine, the limits and the intercompany record |
What the client sees
HSBCnet · Liquidity console (mock)Party A Group · automated pooling
Floor $500,000 · top up to $2,000,000 · daily cap $3,000,000
Party A Holdings
Hong Kong · hub
$32,400,000
Party A Singapore
Singapore
$2,150,000
Party A UK
United Kingdom
$2,000,000
What the bank is doing
Systems this touches · illustrative integration map
Client channel
HSBCnet liquidity console
Policy set-up, approvals and alerts
Client TMS / ERP
Receives positions and sweep events by API
GPS · Digital Money
Policy & mandate engine
Floors, targets, caps — decides when to move
TDS ledger
Reserve and atomic transfer between entity wallets
GPS · Liquidity Management
Real-time position service
Live balance per entity from TDS ledger and core
Pooling & interest allocation
Tracks intercompany positions and allocates interest
Controls
Entitlements & corridor register
Approved entities; corridors with legal sign-off
Limits & exposure service
Per-transfer limit, daily group cap, hub reserve
Financial crime screening
Intra-group flows are still screened
Books of record
Core banking & general ledger
Deposit accounts and accounting entries
Case management & audit
Owns anything held; immutable decision trail
Stages before finality
- Choose a scenario to run.
Event log · immutable audit trail
What is new
- A policy engine that turns balance events into funding decisions, so the trigger is a rule rather than a person.
- Client-owned limits — per-transfer, daily group cap and hub reserve — enforced before anything is reserved.
- An intercompany record for every sweep, so interest allocation and group accounting keep up with money that now moves at 2am.
- A human exception path: the cap stops automation and routes a decision to a named checker, on the audit trail.
The hard parts
- Tax and intercompany rules. Cross-border sweeps create intercompany loans; transfer pricing, and in some markets currency or pooling restrictions, decide which corridors are possible.
- Legal finality per corridor — an unapproved corridor should be refused by the engine, not discovered later.
- A misconfigured policy could drain the hub — hence the client cap, the reserved hub minimum and suspension after repeated triggers.
- Always-on is a real operating cost — someone owns a held sweep at 5am.