HSBC partners with Oracle and Mastercard

Wednesday 20 September 2023 12:31 CET | News

UK-based financial services company HSBC has launched its virtual cards solution in partnership with Oracle and Mastercard.

Through this, customers can complete supplier payments via virtual cards. Oracle Fusion Cloud Enterprise Resource Planning (ERP) connects with HSBC via Mastercard’s global virtual card platform to streamline and automate the B2B payment process.

UK-based financial services company HSBC has launched its virtual cards solution in partnership with Oracle and Mastercard.

HSBC is one of the first banks to adopt the integrated solution, with plans to provide virtual cards to its customers and Oracle’s initially in the US and UK, followed by a global launch. Currently, HSBC focuses on embedding its financial services into systems that its customers use on a daily basis, including Oracle Cloud ERP. 

The collaboration’s offering

HSBC’s customers can use the service to manage cash flow, improve fraud protection, and potentially generate financial rebates. Moreover, suppliers can benefit from faster payments, decreased collection risk, and streamlined accounts receivable.

Officials from Oracle highlighted that the partnership addresses the issues in B2B transactions, including complexity and inefficiency, by providing organisations with cash management solutions, access to credit, secure financing, and improved decision-making. After Mastercard’s virtual cards are embedded, HSBC’s customers can get paid rapidly and securely through Mastercard’s global payments network.

More information about Oracle

Oracle Cloud offers a complete set of cloud services that aim to meet all enterprise requirements. By using Oracle Infrastructure as a Service (IaaS) offerings, companies can develop virtual machines, storage, and networking capabilities.

Recently, Oracle partnered with Mastercard to improve the way enterprise customers automate end-to-end B2B transactions. As of the announcement, the company can directly connect its Oracle Fusion Cloud ERP with banks and financial institutions, aiming to streamline and automate the entire B2B finance and payment procedures.

Moreover, Oracle expanded its Oracle banking Cloud Service to facilitate banks in quickly deploying transaction banking offerings spanning cash, liquidity, and virtual account management. Combined with Oracle’s real-time payments processing, hyperscale account operations, and APIs, the new service enables banks to improve visibility, forecasting, and better control liquidity. 

About HSBC

As a banking and financial services organisation, HSBC currently operates in 64 countries and territories, providing customers with retail banking and wealth management services, as well as commercial banking for SMEs and large corporations.

HSBC launched TradePay, a document-free digital trade finance solution, providing clients the ability to instantly access trade loans and make supplier payments. Also, the product offers a swift and digital method for businesses to pay suppliers, therefore improving their working capital.

Furthermore, HSBC UK partnered with Nova Credit to offer newcomers in the UK the option to include international credit history when applying for a credit. The company’s new and existing customers currently applying for a credit card online can choose to share their credit history from a list of 12 countries, including Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, Spain, Switzerland, and the US. 

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Keywords: B2B payments, partnership, virtual card, online banking, online platform, digital banking
Categories: Banking & Fintech
Companies: HSBC, Mastercard, Oracle
Countries: United Kingdom, United States
This article is part of category

Banking & Fintech






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