HSBC is rolling out a Banking as a Service (BaaS) platform that will enable its customers to create and provide business banking services through their own platforms, with the help of cloud ERP system Oracle NetSuite, according to media reports. HSBC will be working with Oracle NetSuite and both the firm will embed nternational payments and expense management services into NetSuite’s new SuiteBanking offering.
This will allow NetSuite customers to automate accounts payable, accounts receivable and reconciliation processes. This will make it easier for customers to pay bills, send invoices, get paid and see a full cash flow picture in one place.
Barry O’Byrne, CEO, global commercial banking, HSBC told the media, “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.”
Evan Goldberg, executive vice president of Oracle NetSuite sees this collaboration as the first step in bringing the worlds of ERP and fintech together. HSBC also mentioned that it intends to broaden its BaaS offering where they plan on introducing Global Wallet product, a multi-currency digital wallet for making and receiving international payments.
HSBC is also working to reduce fraud by authenticating customer payments. Currently, almost three in four banks, businesses and payment providers were scammed where they targeted checks, wire transfers and even digital payments. Additionally, payment fraud losses. Reports revealed that payment fraud losses are expected to total $206 billion over the next four years and firms are expected to spend $11.8 billion annually on fraud prevention by 2025.