Unveiled at NetSuite’s annual conference for the NetSuite community, SuiteWorld 2021, the tool is aimed to help organizations improve forecasting and make more strategic cash decisions. It will provide greater automation for accounts payable and help companies get paid faster.
NetSuite is partnering with HSBC, one of the world’s largest financial institutions, to roll out SuiteBanking. This partnership will offer customers a range of capabilities such as a global digital wallet and virtual payment card. While HSBC is the first SuiteBanking partner, NetSuite plans to add others in the future.
No date has been given as to when this implementation will happen.
Read also: When You Should Upgrade to an ERP Software
Fintech & Cloud ERP: A suitable match?
Why is SuiteBanking newsworthy? It’s the first of its kind.
NetSuite is the first cloud ERP system to integrate fintech into a unified suite. At the moment, there is no other ERP system that offers a natively-integrated banking solution. So if you thought an ERP tool already did it all, consider this another tool in its toolbox.
By providing banking capabilities within the ERP, the need to collect and distribute data from other departments and systems is eliminated, breaking down data silos and giving accounting teams a single source of truth instead of multiple.
In a company-issued press release, Oracle NetSuite founder and EVP Evan Goldberg said, “SuiteBanking is the first step in bringing the worlds of ERP and fintech together. It will help our customers automate all of these processes in one single suite and increase visibility and control so they can maintain healthy cash flow as they grow.
“Growing organizations cannot afford to have teams of people entering data, dealing with banks, monitoring transactions from multiple systems, and manually processing vendor payments. The time saved from automating these processes could be spent on strategic projects that help drive further growth for the organization.”
A few notable features SuiteBanking brings to the ERP tool include:
- Automated invoice scanning and general ledger code assignment.
- Improved cash flow visibility through insight into status of inbound and outbound payments.
- Budget validation capabilities to avoid overspending by automatically comparing open purchase requests to available budgets.
- Vendor payment directly through NetSuite via SuiteBanking virtual payment card.
In the same vein as NetSuite, HSBC is making waves in the Banking-as-a-Service space with this offering. BaaS is an end-to-end model that allows digital banks and other third parties to connect with banks’ systems directly via APIs. It hasn’t been around all too long, but HSBC is getting out ahead with this Netsuite integration.
Barry O’Byrne, CEO of Global Commercial Banking at HSBC said in a Business Wire press release concerning the partnership with NetSuite, “By combining new technologies with our global reach and deep transaction banking solutions expertise, we will be able to partner with our clients to offer business banking propositions to their customers—integrated into their platforms and with the backing of HSBC’s technology and international network.”
So while NetSuite may be HSBC’s first partner, it won’t be its last—with the same being true for NetSuite. Both sides of the coin recognize the value in integrating BaaS with an ERP tool, and it’s only a matter of time before other ERP tools begin to offer the same.
Maybe you want fintech or other advanced capabilities in your next ERP tool, or maybe you’re overwhelmed with its current capabilities. Regardless, if you’re in the market for an ERP tool, we can help you choose which one. Use our Product Selection Tool, and we’ll send you a list of recommendations that are tailored to your needs.