HSBC has integrated embedded banking services into NetSuite Accounts Payable Automation, a cloud enterprise resource planning (ERP) platform.
The service will accelerate cashflow and accounts payable (AP) processes, such as paying vendors and processing invoices, for customers. Using NetSuite, users will be able to access payment discounts and cashflow regulation.
In a press release on the announcement, Barry O’Byrne, CEO of global commercial banking at HSBC, explained: “Business customers increasingly want integrated, accessible solutions at their fingertips. Our embedded banking solution with NetSuite allows customers to manage payments and automate reconciliations at the point of need, without switching screens or multiple logins.”
Virtual HSBC credit card payments transacted through NetSuite will also allow users to earn credit.
Evan Goldberg, founder and executive vice president of Oracle NetSuite, added: “Accounts payable plays an important role in helping organizations manage cash flow, control costs and maintain strong relationships with vendors, but all too often the process is slow, tedious, and error-prone. By simplifying and automating the entire invoice payment process – from data capture to payment and reconciliation – NetSuite AP Automation eliminates these challenges. This helps businesses streamline and improve a key operation, empowering AP teams to operate more efficiently, and ultimately reduce costs.”
The service is now available in the US.
Last month, HSBC launched variable recurring payments for open banking customers, and earlier this year Oracle NetSuite announced a cashflow management service, Cash 360.
Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.