HSBC has entered into a collaboration with Oracle NetSuite to launch a Banking as a Service (BaaS) offering.

The solution will enable customers to deliver business banking services through their own platforms.

The move comes after Oracle NetSuite announced SuiteBanking that embeds fintech into cloud ERP.

HSBC is working with Oracle NetSuite to provide international payments and expense management services embedded into SuiteBanking solution.

It will enable the NetSuite customers to automate accounts payable, accounts receivable and reconciliation processes. This enables bill payments, sending invoices, getting paid and gaining a full cash flow visibility from withing NetSuite.

HSBC also plans to add other solutions to the BaaS offering such as its multi-currency offering HSBC Global Wallet that enables international payments.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HSBC Global Commercial Banking CEO Barry O’Byrne said: “By combining new technologies with our global reach and deep transaction banking solutions expertise, we will be able to partner with our clients to offer business banking propositions to their customers – integrated into their platforms and with the backing of HSBC’s technology and international network.”

Oracle NetSuite executive vice president Evan Goldberg said: “SuiteBanking is the first step in bringing the worlds of ERP and fintech together. It will help our customers automate all of these processes in one single suite, while increasing visibility and control, so they can maintain healthy cash flow as they grow.

“We are excited to work with HSBC, a leading international bank that is embracing fintech innovation, to help bring this to life for our customers.”