UAE Business: Finastra and HSBC to bring BaaS FX capability to mid-tier banks – Gulf Digital News

UAE Business: Finastra and HSBC to bring BaaS FX capability to mid-tier banks – Gulf Digital News

Finastra and HSBC are working together to distribute HSBC’s FX services via Finastra’s FusionFabric.cloud platform under a Banking as a Service (BaaS) experience.

The move will enable banks to embed market-leading FX services directly into corporate and branch channels.

This collaboration will take advantage of the best elements of modern (Application Programming Interface) API-driven connectivity with licensed institutions’ secure, regulated infrastructure.

Finastra Fusion Kondor

The first phase of the roll out will provide both indicative and executable FX rates to regional mid-tier banks via a plug-in to Finastra’s Fusion Kondor, a solution with low maintenance and ownership cost, backed by the liquidity and robust risk management capabilities of one of the world’s largest FX franchises.

Integrating HSBC FX services with mid-tier banks will allow participating banks to deliver a wide range of currencies to their customers through branch networks and other retail channels, without requiring any additional technology integration.

It will also provide clients with highly automated FX pricing capabilities, allowing banks to process higher FX volumes, and to differentiate themselves while maintaining their own customer relationships. Corporate clients will benefit from increased transparency of pricing and market conditions, improved ease of execution, and simpler currency risk management.

FX liquidity

Available in H2 2022, the initial roll out