HSBC and Oracle NetSuite launch new accounts payable solution
Banking heavyweight HSBC and Oracle NetSuite have unveiled a new solution named NetSuite AP Automation that aims to help organisations automate their accounts payable (AP) processes and make invoice processing and vendor payments “easier and faster” – all from within NetSuite.
The two firms say it will arm customers with control over outgoing cash flows and the ability to scale AP processes, which can often be “time consuming and labour-intensive”.
They add that customers will also be able to determine exactly when and how to pay suppliers and take advantage of early payment discounts.
Claiming the move to be the largest fully embedded Banking-as-a-Service (BaaS) deployment into a cloud enterprise resource planning (ERP) system, Barry O’Byrne, CEO of global commercial banking at HSBC, says: “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.”
Eligible transactions completed in NetSuite with an HSBC virtual credit card will earn credit, which the firms claim will “further reduce operating costs and turn AP from a cost centre into a revenue generator”.
“AP plays an important role in helping organisations 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 EVP of 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.”
NetSuite AP Automation is available in the US as part of NetSuite’s SuiteBanking offering.