HSBC India Partners with Open Financial Technologies to Introduce FinConnect for Business Clients

By siliconindia | Thursday, 25 July 2024, 06:14 Hrs

HSBC India collaborates with open financial technologies to unveil FinConnect for business clients. FinConnect is a connected finance platform. Anish Achuthan, co-founder and CEO of Open Financial Technologies, describes the company on LinkedIn as “a central finance operating system designed to empower CFOs and their business teams”.

A separate LinkedIn post by HSBC states that the partnership will enable its business customers to “unlock the potential of your business finances and simplify payments by securely connecting your bank accounts and auto-reconciling payments against your bills and invoices”.

“With effortless payments from linked accounts, real-time tracking, and plug-and-play implementation, our aim is to make your business finance seamless, secure, and efficient,” its statement continues.

FinConnect works by connecting a business’s HSBC account with over 300 enterprise resource planning (ERP) software systems.

These systems seek to assist businesses with the automation of a range of Accounts Receivable and Accounts Payable functions through open banking technology, from accounting and payroll to customer relationship management, e-commerce and cash-flow analytics.

HSBC first introduced the platform in Singapore through its partnership with the Singapore Financial Data Exchange (SGFinDex) in late 2020.

The bank says FinConnect’s extension to India through its partnership with Open Financial Technologies forms part of its “Beyond Banking initiative”.

Launched in 2021, the initiative seeks to provide comprehensive solutions and value-added services to start-ups and small businesses that reach beyond the realms of traditional banking services, with digital tools, advisory services and networking opportunities.

Cloud-based software solutions provider Zoho, payroll and compliance solutions provider GreytHR, and Amazon Web Services, are among the companies that are for further initiative to open financial technologies the bank have partnered with.