HSBC launches new BaaS offering with NetSuite

HSBC is set to launch a new Banking-as-a-Service (BaaS) product in collaboration with Oracle NetSuite.

The bank is planning on more BaaS launches soon

The global bank will embed international payments and expense management into NetSuite’s SuiteBanking platform.

This, it says, will enable customers to automate accounts payable, accounts receivable and reconciliation processes.

According to the pair, the new functionality makes NetSuite the first major enterprise resource planning (ERP) suite with native banking solutions.

“Embedding our solutions into our customers’ platforms is central to our strategy of supporting our clients’ growth across all regions,” says Barry O’Byrne, CEO for global commercial banking at HSBC.

“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.”

Other BaaS propositions are in the pipeline for HSBC. This includes HSBC Global Wallet, a multi-currency digital wallet for making and receiving international payments “like a local”.

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

The bank’s commercial platforms division hired Google veteran Aman Narain at the start of the month.

Narain, who describes himself as a “banker turned Googler”, spent four years at the Big Tech before leaving as global new payments ecosystems lead.