NetSuite, Oracle’s enterprise resource planning cloud software subsidiary, will be adding new automated banking features into its accounting software for businesses. HSBC Holdings will be the pioneering partner in using SuiteBanking to automatically send and receive money and reconcile accounts. SuiteBanking is the first unified suite that embeds fintech into cloud ERP, with the goal of helping customers automate key financial processes and gain full visibility into cash flow. According to the company, SuiteBanking will bridge automated accounts payable and accounts receivable processes to make it easy to pay bills, send invoices, and get paid from within NetSuite.
Utilizing its partner banks and the power of artificial intelligence, NetSuite’s new embedded fintech can automate processes with features like invoice scanning, three-way invoice matching, and general ledger code assignment. SuiteBanking can also automate the creation and scheduling of invoices and increase collections by sending payment reminders automatically. The company intends the suite to provide businesses with a more accurate daily picture of their cash position, and allow finance departments to focus on planning and analysis as well as other top priorities. Oracle aims to expand partnership opportunities to most major financial institutions in the near future.