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HomeBankingHSBC India partners with Open Financial Technologies to launch FinConnect for business...

HSBC India partners with Open Financial Technologies to launch FinConnect for business clients

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Key Points:

  1. Partnership Objective:
    • Simplify payment processes for HSBC’s business customers in India.
  2. New Offering:
    • Launch of HSBC’s FinConnect in India.
    • Described as a central finance operating system aimed at empowering CFOs and business teams.
  3. Features of FinConnect:
    • Connects HSBC accounts with over 300 enterprise resource planning (ERP) software systems.
    • Automates Accounts Receivable and Accounts Payable functions.
    • Utilizes open banking technology for tasks such as accounting, payroll, customer relationship management, e-commerce, and cash-flow analytics.
  4. Customer Benefits:
    • Simplified and secure payment processes.
    • Real-time tracking and auto-reconciliation of payments against bills and invoices.
    • Plug-and-play implementation for seamless business finance management.
  5. Previous Implementation:
    • FinConnect was first introduced in Singapore through HSBC’s partnership with the Singapore Financial Data Exchange (SGFinDex) in late 2020.
  6. Beyond Banking Initiative:
    • Part of HSBC’s initiative launched in 2021.
    • Aims to provide comprehensive solutions and value-added services to startups and small businesses.
    • Includes digital tools, advisory services, and networking opportunities.
  7. Additional Partnerships:
    • HSBC has collaborated with other companies for this initiative, including:
      • Zoho (cloud-based software solutions)
      • GreytHR (payroll and compliance solutions)
      • Amazon Web Services (AWS)

This partnership with Open Financial Technologies is set to enhance HSBC’s services and offer more robust financial management tools to its business customers in India.

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