HSBC is to use technology from Petra Financial to add mobile banking capability to its white-labelled payments platform for third party banks and corporate clients.
Under the deal, HSBC's MPS (Managed Payments Service) - which brings together transactional banking, multi-bank connectivity and full data integration in an outsourced proposition - will now incorporate Petra Financial's Touchstone Mobile Banking software as an additional feature.
Paul Nixon, HSBC senior product manager, financial institutions, global payments and cash management, Europe, says the new feature "enables the end users - typically finance directors, high net worth individuals and other corporate executives to manage their cash flows, see statements, monitor transactions, and do this simply and without fuss".
The bank already uses Petra's Vortex application within MPS for extraction and validation of BIC and Iban details before payment submission.
Nixon says the ongoing investment in MPS reflects industry demand for outsourced payment services that can be delivered under the bank's own name.
"The economic landscape has drawn many banks to the conclusion that it is no longer cost effective to own and operate every component in transaction processing," he says. "When these financial institutions look for trusted partners who can help them, HSBC stands tall as a partner, and technology provider. We are able to bring together the technology, the people, and the expertise to deliver payments solutions, with a relentless focus on reliability and innovation."