I recommend a different approach. Store the timestamp created as a field in it's own right. Then, present your tranID as a computed column. Like this:
create table mytable
(id int identity
,anycol varchar(10)
,tsCreated datetime default getdate()
,tranID as 'HSC' + cast(id as varchar(20)) +
replace(convert(varchar(10),tsCreated,101),'/','') + replace(convert(varchar(10),tsCreated,108),':','')
)
insert into myTable (anycol) select 'a'
insert into myTable (anycol) select 'b'
select * from mytable
PS. It may be forward-thinking to also store the 'HSC' prefix as a column in it's own right.