According to the announcement, the collaboration is set to introduce HSBC’s FinConnect offering in India. FinConnect is a central finance operating system designed to empower CFOs and their business teams, aiming to streamline financial operations.
Furthermore, HSBC made the statement that this collaboration will allow business customers to unlock the potential of your business finances and simplify payments by securely connecting bank accounts and auto-reconciling payments against your bills and invoices. HSBC’s statement further highlights that with easy payments from linked accounts, real-time tracking, and plug-and-play implementation, the goal is to make business finance seamless, secure, and efficient.
FinConnect connects a business's HSBC account with over 300 enterprise resource planning (ERP) software systems. These systems help automate various Accounts Receivable and Accounts Payable functions using Open Banking technology, covering tasks from accounting and payroll to customer relationship management, ecommerce, and cash-flow analytics.
This expansion of FinConnect to India, in collaboration with Open Financial Technologies, is part of HSBC’s Beyond Banking initiative.
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