HSBC to Launch Banking as a Service

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Middle East

HSBC to Launch Banking as a Service

HSBC and Oracle NetSuite , one of the leading cloud Enterprise Resource Planning (ERP) systems with over 27,000 customers worldwide, are working together to provide international payments and expense management services embedded into NetSuite’s new SuiteBanking solution. NetSuite customers will be able to automate accounts payable, accounts receivable and reconciliation processes, making it fast and simple to pay bills, send invoices, get paid and gain full cash flow visibility, all from within a unified system. With this proposition, NetSuite would become the first major ERP suite with natively integrated banking solutions. HSBC intends to broaden its BaaS offering with more solutions, including HSBC Global Wallet, the multi-currency digital wallet for making and receiving international payments like a local. Barry O’Byrne , Chief Executive Officer, Global Commercial Banking at HSBC, 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. “Embedding our solutions into our customers’ platforms is central to our strategy of supporting our clients’ growth across all regions, from Asia to the

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