HSBC is working with Oracle NetSuite to embed its corporate banking solutions into NetSuite cloud ERP

HSBC to launch Banking as a Service. Source: shutterstock.com

HSBC is to launch a Banking as a Service (BaaS) offering that will enable customers to create and provide business banking services through their own platforms.

HSBC and Oracle NetSuite, one of the major cloud Enterprise Resource Planning (ERP) systems with over 27,000 customers globally, 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.

HSBC’s Banking as a Service proposition will utilize the bank’s Application Programming Interfaces (APIs) to embed its solutions in clients’ own platforms. HSBC launched its API Developer Portal in June this year, providing developers with easy access to a range of HSBC’s API solutions, and a safe sandbox environment for testing.

We’ve reported that French e-commerce generated over €110B in 2020.

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