HSBC and friends team up for integrated SME accounting
HSBC is expanding its existing bank feed services with the launch of a new online tool that enables SMEs to establish a data feed from their bank account to their accounting software.
Nadya Hijazi, global head of business banking digital at HSBC, says: “Enabling small and medium sized business customers to establish and manage their transaction data flow will save them time and effort. The solution eliminates the need to manually import or enter transaction data instead it automatically synchronises every 24 hours.”
In terms of how this works, Banking Technology contacted HSBC. A spokesperson responded very quickly: “We’re using existing systems. Requests will be processed, and customers connected overnight. We will be upgrading the process to operate via an API next year.”
For UK based business and corporate customers, the online solution will be available on Xero and Sage in the next few weeks and “will soon be available” on Intuit’s QuickBooks.
For Hong Kong based customers the tool will similarly be available on Xero in the coming weeks.
The digital solution will be rolled-out to HSBC customers in additional countries and territories in 2018.