The collaboration will see the launch of HSBC’s FinConnect offering in India. FinConnect is a connected finance platform described by Anish Achuthan, co-founder and CEO of Open Financial Technologies, 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 collaboration 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, including digital tools, advisory services and networking opportunities.
In addition to Open Financial Technologies, the bank has partnered with a number of additional companies to further this initiative, including cloud-based software solutions provider Zoho, payroll and compliance solutions provider GreytHR, and Amazon Web Services, among others.