HSBC launches integrated banking services in Oracle NetSuite

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NEW YORK–(BUSINESS WIRE)–To help organizations manage time-consuming and labor-intensive accounts payable (AP) processes, HSBC and Oracle NetSuite today unveiled the only solution that integrates banking services into a cloud-based enterprise resource planning (ERP) system, NetSuite AP Automation.

NetSuite AP Automation helps organizations improve profitability by making it easier and faster to process invoices and pay vendors, all from NetSuite. As a result, customers can better control outgoing cash flows and easily scale end-to-end AP processes.

“HSBC is at the forefront of the in-vehicle banking revolution. This is the largest deployment of fully integrated banking as a service in a globally recognized cloud ERP system,” said Barry O’Byrne, Managing Director, Global Commercial Banking at HSBC.

“Business customers increasingly want integrated and accessible solutions at their fingertips. Our integrated banking solution with NetSuite allows customers to manage payments and automate reconciliations when they need them, without switching screens or logging in multiple times.

Launching automated payment services with NetSuite makes payment processing simpler, faster and more accurate. From NetSuite, customers can accurately determine when and how to pay vendors, control outbound cash flow, and take advantage of prepayment discounts.

“Accounts Payable plays an important role in helping organizations manage cash flow, control costs, and maintain strong vendor relationships, but too often the process is slow, tedious, and error-prone,” said said Evan Goldberg, Founder and EVP, Oracle NetSuite. . “By simplifying and automating the entire invoice payment process – from data capture to payment and reconciliation – NetSuite AP Automation eliminates these challenges. It helps businesses streamline and improve a key operation, empowering teams AP to operate more efficiently and ultimately reduce costs.

Eligible transactions made in NetSuite with an HSBC Virtual Credit Card will earn credit, further reducing operating costs and turning accounts payable 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 integrates financial technology into a cloud ERP.

By integrating banking and services such as accounts payable management and automation, HSBC opens up a world of opportunity for businesses and their professional customers.

Note to editors:

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographic regions: Europe, Asia, North America, Latin America, Middle East and North Africa. With assets of $2.985 billion as of June 30, 2022, HSBC is one of the largest banking and financial services organizations in the world.

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