HSBC and Oracle NetSuite unveil embedded banking service

Thursday 29 September 2022 14:11 CET | News

HSBC and Oracle NetSuite have unveiled a solution that embeds banking services into a cloud enterprise resource planning (ERP) system.

The solution, NetSuite AP Automation, helps organisations improve profitability by making it easier to process invoices and pay vendors, all from within NetSuite. As a result, customers can better control outgoing cash flows and scale end-to-end account payable (AP) processes.

The launch of automated payment services with NetSuite makes payment processing 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 relationships with vendors. 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 improve a key operation, helping 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 AP 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.

Other HSBC developments

In August 2022, HSBC announced that sweeping Variable Recurring Payments (VRP) is available to all Open Banking participants for the HSBC Personal and HSBC Business. HSBC was one of the first banks to complete the managed rollout process overseen by the Open Banking implementation Entity (OBIE).

HSBC and Oracle NetSuite unveil a solution that embeds banking services into a cloud enterprise resource planning (ERP) system.

VRP allow businesses and consumers to use Open Banking for recurring payments of varying amounts, without the need to re-authenticate every transaction. This could be automatically moving money between their own bank accounts now and paying subscriptions or household bills in future. VRPs are an anticipated Open Banking solution that promises greater returns for merchants and much safer and more convenient payments for end users.

In July 2022, HSBC partnered with Finastra to distribute HSBC’s FX services via Finastra’s platform under a Banking-as-a-Service (BaaS) experience. Available in H2 2022, the initial roll out focuses on financial institutions in Asia Pacific (APAC) with other regions to follow. It will also be made available to embedders who require direct access to FX liquidity and pricing.

Oracle NetSuite’s upgrades

Oracle NetSuite has also announced a host of updates and product feature to help them run their businesses better and support growth in the cloud.

The upgrades announced include a range of AP updates that include:

  • Bill Capture – allows buyers to capture vendor bills with fewer errors by removing manual data entry and automating the entire bill capture process.

  • Bill Matching and Approvals – automated bill matching aims to help ensure vendor bills are two- or three-way matched with the associated purchase orders so that details such as unit pricing, quantity, and totals are accurate.

  • Payment Automation – announced in 2021, vendor payments are now processed through HSBC services with payment options of ACH, check, or virtual credit card.

  • Payment Reconciliation – this aims to improve the accuracy of accounting data by eliminating error-prone manual reconciliation and enable a faster financial close.

  • SuiteBanking Center – this aims to provide visibility into – and control over – transactions and real-time balances for HSBC online checking and credit card accounts. The dashboard provides users with visibility into their HSBC online accounts, status of payables and payments history.

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Keywords: product launch, embedded finance, partnership, ERP, accounts payable
Categories: Banking & Fintech
Companies: HSBC, NetSuite, Oracle
Countries: United Kingdom
This article is part of category

Banking & Fintech






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