The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Banking-as-a-service is key to meeting corporate payment demands

More financial institutions are moving into the banking-as-a-service market to tap into demand from corporates looking to offer multiple payment options and enhance customer loyalty.

digital-banking-payments-iStock-960.jpg
Photo: iStock

Institutions as diverse as US-based banking platform Jiko, BBVA, and Australia’s RailsPay have announced plans to offer banking-as-a-service (BaaS) platforms. They were joined in mid-October by HSBC, which announced that it would launch a BaaS offering in partnership with Oracle NetSuite to provide international payments and expense management services.

A recent assessment of the likely development of the BaaS platform market published by Future Market Insights last month suggested that it would be worth in excess of $12.2 billion by the end of 2031. The firm suggests that increased adoption of digital banking services had led to a surge in demand for BaaS platforms.

HSBC’s new service will allow companies to automate accounts payable, accounts receivable and reconciliation processes. The bank says it intends to broaden its BaaS offering with more solutions, including its multi-currency digital wallet.

Our objective is to become the financial marketplace to the goods and services marketplace of our clients
Shahrokh Moinian, JPMorgan
Shahrokh Moinian, JPMorgan.jpg

SuiteBanking is due to go live in the first half of 2022 to tap into demand from corporates looking to create new revenue and increase the value they deliver to their customers.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree