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HSBC, Oracle Netsuite unveil automated accounts payable solution
Offering enhances speed and accuracy of processing invoices and making payments
The Asset 29 Sep 2022

HSBC and Oracle NetSuite have rolled out a solution that embeds banking services into a cloud enterprise resource planning (ERP) system.

The offering, NetSuite AP Automation, aims to boost profitability by making it easier and faster for companies to process invoices and pay vendors, allowing clients to better control outgoing cash flows and easily scale end-to-end accounts payable (AP) processes.

Eligible transactions completed in NetSuite with an HSBC virtual credit card will earn credit, which further reduces operating costs.

NetSuite AP Automation is now available in the United States as part of NetSuite’s SuiteBanking – the first unified suite that embeds financial technology into a cloud ERP.

“This is the largest fully embedded Banking as a Service deployment into a globally recognized cloud ERP system,” says Barry O’Byrne, chief executive officer, global commercial banking, at HSBC.

“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.”

From within NetSuite, customers can determine precisely when and how to pay suppliers, ensure control over outgoing cash flow, and take advantage of early payment discounts.

“Accounts payable plays an important role in helping organizations manage cash flow, control costs and maintain strong relationships with vendors, but all too often the process is slow, tedious, and error-prone,” says Evan Goldberg, founder and executive vice-president, Oracle NetSuite.

“By simplifying and automating the entire invoice payment process – from data capture to payment and reconciliation – NetSuite AP Automation eliminates these challenges. This helps businesses streamline and improve a key operation, empowering AP teams to operate more efficiently, and ultimately reduce costs.”

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