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SYNETIQ introduces HSBC Open Payments

SYNETIQ has revolutionised its payment processes for its auction customers by implementing HSBC’s Open Payments platform.

 

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The UK’s largest vehicle salvage and recycling company is the first in its sector to introduce the new platform, marking the latest improvement in customer experience for vehicle buyers.

The new platform allows SYNETIQ to send payment requests for auction purchases direct to the customer’s bank, with values and references set automatically, which means funds can be transferred directly between banks – a first within the salvage industry.

This will drastically cut administration time for SYNETIQ and its customers and eliminate the chances of incorrect or misplaced payments.

As a major development that offers secure online money transfers, Open Payments dramatically improves the payment process for SYNETIQ’s vehicle salvage auction customers. It also streamlines the firm’s accounting processes, while bringing ease of use and peace of mind to customers.

HSBC Open Payments delivers regulated access and control of consumer banking and financial accounts through third-party applications with greater accountability. The introduction of the payment process by SYNETIQ provides both seller and buyer with improved cash flow and cash management.

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Jonathan Pervin, SYNETIQ’s Financial Controller commented:

“We are proud to be at the forefront of this latest technology. Through our collaboration with HSBC on the implementation of this new platform, SYNETIQ is able to offer the most secure payment system possible to our customers. The automation of internal processes that this enables will increase the efficiency of our service for our customers.”

The Open Payments platform was trialled by SYNETIQ and a few of its customers in December and, after unanimous approval, is being rolled out to all customers who purchase vehicles directly from SYNETIQ.

SYNETIQ introduces HSBC Open Payments p twoOpen Payments is compatible with more than 40 major banks and, with coverage from most of the UK’s domestic banks already in place, customers can enjoy faster payments with added peace of mind.

Alongside the increased security offered by the system, this has allowed SYNETIQ to integrate the payment platform into its wider systems, automating many processes at the same time. Invoicing, payment-matching and fund clearance are now handled seamlessly by SYNETIQ’s own proprietary Frontier software.

The leading stock control software package for green parts management, Frontier Dismantling provides cloud-based stock control for hundreds of thousands of green parts and, although owned and developed by SYNETIQ, is widely used across the vehicle salvage and dismantling industry.

Frontier Salvage is the core salvage management system, also utilised across the industry. The software handles everything from insurance-related contracts and vehicle uplifts, through to vehicles sales and recycling. Both Frontier systems are designed to make it as quick and easy as possible to process vehicles and parts.

With Open Payments, SYNETIQ is once again leading the industry. Offering improved customer experience and allowing new revenue streams, it helps provide a more sustainable service model.

Jonathan Pervin added:

“The launch of Open Payments with HSBC shows that SYNETIQ continues to innovate across all aspects of our business, driving the industry forward through compliance, customer experience and increased simplicity across operations. We continue to strive towards continual improvement in all of these areas.”

Visit www.synetiq.co.uk

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Owain Griffiths

Owain Griffiths

Head of Circular Economy at Volvo Cars

Owain joined Volvo Cars in June 2021 to lead Circular Economy in the Global Sustainability Team. The company has committed to being a circular business by 2040 and has financial, recycled content and CO2 based targets for 2025, all of which Owain is working across the company to make happen. Owain previously worked for circular economy consultancy Oakdene Hollins where he advised businesses on evidence led circular economy implementation. 

Turning into a circular business and the importance of vehicle reuse and recycling.

The presentation will cover the work Volvo Cars is doing to achieve 2025 but mainly focus on the transformational work towards 2040 and the business and value chain changes being considered. Attention will be paid to the way vehicles are being dealt with at the end of life and the complexities of closing material and component loops. Opportunities and challenges which Volvo Cars is facing will be presented including engagement with 3rd parties and increasing pressure from stakeholders.

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e2e Total Loss Vehicle Management [e2e] is the UK’s only salvage and automotive recycling network with nationwide, environmentally compliant sites delivering performance resilience and service reliability to the insurance and fleet markets.  The network’s online salvage auction www.salvagemarket.co.uk drives strong salvage resale values and faster sales.  e2e’s salvage clients have access to the network’s stocks of over 5 million quality graded, warranty assured reclaimed parts. 

The power of the network model means e2e has the ability to influence industry standards and is committed to continually raising the bar whilst redefining the role and perceived value of the salvage operator.  Network members adhere to robust service level agreements, against which they are audited, in order to ensure performance consistency and a market leading customer experience.  

The salvage and recycling operating environment is evolving rapidly, and e2e is anticipating, listening and responding to changing market needs.  Regulatory compliance, ESG, reclaimed parts, customer experience, EVs, new vehicle technologies, data and reputation risk are just some of many considerations linked to the procurement of salvage services.  e2e will drive further added value to clients and members through the adoption and application of emerging technologies, continuing to differentiate its proposition and position salvage services as a professional partnership. 

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