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HSBC & NetSuite: SuiteBanking for 2021 Cloud ERP Fintech



Oracle NetSuite and HSBC have recently released Banking as a Service (BaaS) that integrates with SuiteBanking, a suite that helps organisations improve forecasting and make more strategic cash decisions. The suite will embed international payments and expense management services into NetSuite’s new SuiteBanking offering.


With the new SuiteBanking, NetSuite customers are able to improve the following cash flow processes:

  • Accounts Payable: Helps customers accelerate accounts payable processes with automated invoice scanning and general ledger code assignment, three-way invoice matching, and automated outbound payments. Customers can see multiple payment options and select the preferred method for each vendor. For example, they can choose either the fastest or the least expensive option.


  • Accounts Receivable: Helps customers increase on-time payments, reduce days sales outstanding, and improve the efficiency of billing staff. The new Payment Link feature makes it easier for customers to receive payment by including a “pay now” option on electronic invoices. Multiple payment methods are supported, including credit/debit card, ACH transfer, or a third-party payment provider like PayPal. In addition, customers can automate the creation and scheduling of invoices and increase collections by sending payment reminders automatically.


  • Bank Reconciliation: Helps customers eliminate manual, error prone, and time-consuming tasks and accurately match transactions with their organization’s bank account. Customers gain improved cash flow visibility through real-time insight into the status of inbound and outbound payments. In addition, customers are able to increase the accuracy of accounting data by matching and reconciling cleared transactions more often and are able to gain a better understanding of their current cash position so they know how much cash is available in their accounts at all times.


  • Spend Management: Helps customers control corporate spend through better visibility and reporting capabilities. It enables customers to create approval workflows to fit their organization’s structure and customize expense policy rules to flag expenses that need a manager’s review. In addition, budget validation capabilities help managers avoid overspending by automatically comparing open purchase requests to available budget and alerting to potential budget overages prior to approval. Budget versus actuals reporting also helps managers control spending by comparing actual expenses against budgets in real time.


  • Expense Management: Helps customers control costs, enforce internal policies and procedures, and improve the timeliness and accuracy of employee expense reports. Customers can pay vendors that accept credit cards directly out of NetSuite via their SuiteBanking virtual payment card, which extends payment terms and relieves cash flow. Customers can also better manage business expenses by using the virtual card to cover employee expenses or corporate credit card charges. Expenses are captured and submitted electronically and automatically flow into NetSuite, eliminating double entry and accounting errors. In addition, customers receive cash back rewards on all transactions when using the virtual card to make payments.


  • International Payments: Provides customers with a global digital wallet to make and accept payments from a single account, utilizing HSBC’s global footprint and presence in over 60 countries, instead of using country-specific payment providers that result in separate AP processes. This makes it easy for customers to make and receive international payments and removes the complexities of opening and managing multiple foreign bank accounts.


  • Access to Working Capital: Helps improve cash flow by giving customers a convenient way to convert unpaid invoices into cash. NetSuite enables quick, convenient access to additional working capital with accounts receivable financing.


HSBC intends to broaden its BaaS offering, including its Global Wallet product, a multi-currency digital wallet for making and receiving international payments.


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