HSBC and Oracle NetSuite are partnering to provide automated, B2B payment services to help businesses address time-consuming accounts payable (AP) processes.

The companies recently unveiled the NetSuite AP Automation system, which automates data capture and payment and reconciliation, allowing organizations to process invoices more quickly. The tool embeds banking services into a cloud enterprise resource planning (ERP) system, the first suite to embed financial technology into a cloud ERP, Lisa Schwarz, senior director of product marketing for Oracle NetSuite, told Bank Automation News.

“NetSuite is the first cloud ERP provider to offer direct access to third-party financial services from within NetSuite,” Schwarz said. “This eliminates the need to manage separate applications.”

Customers can access banking services such as checking account or virtual credit card balances, review monthly statements and invoices, pay credit card bills and invoices, perform bank transfers, all within NetSuite. The program integrates with HSBC’s Banking-as-a-Service APIs, according to Schwarz.

The $1.4 trillion TD Bank integrated NetSuite’s ERP platform in August to create a comprehensive digital banking experience for its commercial clients. TD’s service focuses on giving businesses accounting and staffing tools, rather than AP processes.

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