HSBC to introduce Banking as a Service

HSBC has announced the upcoming launch of its new Banking as a Service (BaaS) offering, designed to enable customers to create and provide business banking services through their own platforms.

HSBC is working with Oracle NetSuite to deliver international payments and expense management services embedded into the cloud ERP system provider’s new SuiteBanking solution.

With the new service, customers will be able to automate accounts payable, accounts receivable, and reconciliation processes.

The UK bank intends to broaden its BaaS offering with more solutions, including HSBC Global Wallet, the multi-currency digital wallet for making and receiving international payments like a local.

“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,” said Barry O’Byrne, chief executive, global commercial banking at HSBC. “Embedding our solutions into our customers’ platforms is central to our strategy of supporting our clients’ growth across all regions, from Asia to the Americas. We envisage this to be the first alliance of many.”

HSBC’s BaaS service will use the bank’s APIs to embed its solutions in clients’ own platforms.

HSBC launched its API Developer Portal in June this year, providing developers with access to a range of API solutions and a sandbox environment for testing.

Last week the bank launched a platform that enables clients to access post-trade services and solutions from HSBC and other third-party service providers.

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