HSBC moves into Banking-as-a-Service

HSBC is working with Oracle NetSuite to launch a Banking-as-a-Service (BaaS) offering that will enable customers to create and provide business banking services through their own platforms.

Both companies offer global payment and payment management services through NetSuite’s new Suite Banking offering.

This means that NetSuite customers can use a credit card to make payments, receive accounts and upgrade systems, facilitate and pay bills, send credits, pay and receive inquiries.

HSBC says it hopes to expand its BaaS offering, including the Global Wallet product, with several digital wallets to create and receive global funding.

Barry O’Byrne, CEO of HSBC Global Bank, said: “By combining new technologies with the depth of our global presence and change, we can work with our partners.”

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