HSBC launches embedded banking services within Oracle NetSuite
28 September 2022 - 6:00PM
Business Wire
- Accounts Payable Automation will increase the
accuracy and speed of processing invoices and making payments -
To help organisations address time consuming and
labour-intensive accounts payable (AP) processes, HSBC and Oracle
NetSuite today unveiled the only solution that embeds banking
services into a cloud enterprise resource planning (ERP) system,
NetSuite AP Automation.
NetSuite AP Automation helps organisations improve profitability
by making it easier and faster to process invoices and pay vendors,
all from within NetSuite. As a result, customers can better control
outgoing cash flows and easily scale end-to-end AP processes.
“HSBC is at the forefront of the embedded banking revolution.
This is the largest fully embedded Banking as a Service deployment
into a globally recognized cloud ERP system,” said, Barry O’Byrne,
Chief Executive Officer, Global Commercial Banking at HSBC.
“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.”
The launch of automated payment services with NetSuite makes
payment processing simpler, faster, and more accurate. From within
NetSuite, customers can determine precisely when and how to pay
suppliers, ensure control over outgoing cash flow, and take
advantage of early payment discounts.
“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,” said Evan Goldberg, founder and EVP,
Oracle NetSuite. “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.”
Eligible transactions completed in NetSuite with an HSBC virtual
credit card will earn credit, which further reduces operating costs
and turns accounts payable from a cost center into a revenue
generator.
NetSuite AP Automation is now available in the US as part of
NetSuite’s SuiteBanking - the first unified suite that embeds
financial technology into a cloud ERP.
By embedding banking and enabling services such as accounts
payable management and automation, HSBC is opening up a world of
opportunity for companies and their business customers.
Note to editors:
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered
in London. HSBC serves customers worldwide from offices in 63
countries and territories in its geographical regions: Europe,
Asia, North America, Latin America, and Middle East and North
Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of
the world’s largest banking and financial services
organisations.
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version on businesswire.com: https://www.businesswire.com/news/home/20220928005707/en/
Media enquiries to: Paul
Smith +44 20 7991 4867 paul.a.smith@hsbc.com
Jack Mullin +1 646 2200996 jack.f.mullin@us.hsbc.com
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