Global banking giant HSBC has partnered with Oracle to launch a BAAS service for their customers.
This partnership will leverage Oracle’s NetSuite cloud accounting and business software with one-tap business banking and HSBC’s payments to automize the sending and receiving of money. While HSBC would benefit from a huge customer data of 27,000 customers of Oracle NetSuite.
This will allow the automation in the system which would remove the human intervention in the system. The bank has first time entered into the BAAS domain.
HSBC said this partnership is just a start they have already planned to integrate HSBC’s global multi-currency account in the future updates to allow international payments for their customers.
HSBC’s CEO of global commercial banking, Barry O’Byrne, said, “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” he also added, “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,” added O’Byrne.
Yobota, Clearbank, Though Machine, and Starline are some of the names that are creating big businesses by enabling financial services in non-financial institutions. The entry of Europe’s second-largest bank in the market is a clear sign of many more such integrations in the coming future.
Read More: Billtrust Founder & CEO Flint Lane Leads B2B Payments Digitization and Acceptance Panel Discussion
[To share your insights with us, please write to sghosh@martechseries.com]
