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HSBC moves into Banking-as-a-Service

HSBC moves into Banking-as-a-Service

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

The two firms will embed international payments and expense management services into NetSuite’s new SuiteBanking offering.

This means that 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 from within a unified system.

HSBC says it intends to broaden its BaaS offering, including its Global Wallet product, a multi-currency digital wallet for making and receiving international payments.

Barry O’Byrne, CEO, global commercial banking, HSBC, says: “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."

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