Key Points:
- Partnership Objective:
- Simplify payment processes for HSBC’s business customers in India.
- New Offering:
- Launch of HSBC’s FinConnect in India.
- Described as a central finance operating system aimed at empowering CFOs and business teams.
- 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.
- 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.
- Previous Implementation:
- FinConnect was first introduced in Singapore through HSBC’s partnership with the Singapore Financial Data Exchange (SGFinDex) in late 2020.
- 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.
- 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)
- HSBC has collaborated with other companies for this initiative, including:
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.
