Oracle NetSuite has launched a solution which embeds HSBC’s banking services in NetSuite’s cloud enterprise resource planning system to allow vendor payments to be made from within the platform.
The new NetSuite AP Automation solution is said to shorten accounts payable (AP) processes as it enables organisations to better control outgoing cash flow and take advantage of early payment discounts.
Eligible transactions completed with a HSBC virtual credit card also earns credit which could help further reduce operating costs and turns accounts payable from a cost centre into a revenue generator.
“Accounts payable plays an important role in helping organisations manage cash flow, control costs, and maintain strong relationships with vendors, but all too often the process is slow, tedious, and error-prone.
By simplifying and automating the entire bill payment process – from data capture to payment and reconciliation – NetSuite AP Automation eliminates these challenges,”
said Evan Goldberg, Founder and EVP, Oracle NetSuite.
“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,”
said Barry O’Byrne, Chief Executive Officer, Global Commercial Banking at HSBC.
This article first appeared on Fintech News Switzerland.