- Accounts Payable Automation will increase the accuracy and speed of processing invoices and making payments -
To help organisations address time consuming and labour-intensive accounts payable (AP) processes, HSBC and Oracle NetSuite today unveiled the only solution that embeds banking services into a cloud enterprise resource planning (ERP) system, NetSuite AP Automation.
NetSuite AP Automation helps organisations improve profitability by making it easier and faster to process invoices and pay vendors, all from within 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 embedded banking revolution. This is the largest fully embedded Banking as a Service deployment into a globally recognized cloud ERP system,” said, Barry O’Byrne, Chief Executive Officer, Global Commercial Banking at HSBC.
“Business customers increasingly want integrated, accessible solutions at their fingertips. Our embedded banking solution with NetSuite allows customers to manage payments and automate reconciliations at the point of need, without switching screens or multiple logins.”
The launch of automated payment services with NetSuite makes payment processing simpler, faster, and more accurate. From within NetSuite, customers can determine precisely when and how to pay suppliers, ensure control over outgoing cash flow, and take advantage of early payment discounts.
“Accounts payable plays an important role in helping organizations manage cash flow, control costs and maintain strong relationships with vendors, but all too often the process is slow, tedious, and error-prone,” 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. This helps businesses streamline and improve a key operation, empowering AP teams to operate more efficiently, and ultimately reduce costs.”
Eligible transactions completed in NetSuite with an HSBC virtual credit card will earn credit, which further reduces operating costs and turns 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 embeds financial technology into a cloud ERP.
By embedding banking and enabling services such as accounts payable management and automation, HSBC is opening up a world of opportunity for companies and their business customers.
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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 geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of the world’s largest banking and financial services organisations.