HSBC to Launch BaaS Offering Through Partnership with Oracle NetSuite

Fazzaco learned that HSBC is launching a BaaS (Banking as a Service) offering through partnership with Oracle NetSuite, a popular cloud-based ERP that offers a comprehensive suite of integrated business management solutions, to enable its clients to create and provide business banking services through their own platforms.

The parties 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.

HSBC’s Banking as a Service proposition will utilize the bank’s Application Programming Interfaces (APIs) to embed its solutions in clients’ own platforms. 

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.

“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. Embedding our solutions into our customers’ platforms is central to our strategy of supporting our clients’ growth across all regions, from Asia to the Americas. We envisage this to be the first alliance of many,”commented Barry O’Byrne, Chief Executive Officer, Global Commercial Banking at HSBC.

“SuiteBanking is the first step in bringing the worlds of ERP and fintech together. It will help our customers automate all of these processes in one single suite, while increasing visibility and control, so they can maintain healthy cash flow as they grow. We are excited to work with HSBC, a leading international bank that is embracing fintech innovation, to help bring this to life for our customers,” added Evan Goldberg, Executive Vice President of Oracle NetSuite.

As Fazzaco reported earlier, HSBC has launched HSBC MarketSpace​, a platform that enables clients to access post-trade services and solutions from HSBC and other third party service providers.