Finastra and HSBC are collaborating to deliver HSBC’s foreign exchange (FX) services as a banking-as-a-service (BaaS) offering using Finastra’s FusionFabric.cloud platform.
According to the companies, the strategy would allow mid-tier banks to insert FX services “directly” into corporate and branch channels.
They say that by combining their services, member banks would be able to supply a wide range of currencies to their consumers via branch networks and other retail channels without the need for extra technological integration.
In a joint statement, the businesses say, “It will also provide customers with highly automated FX pricing capabilities, allowing banks to process greater FX volumes and distinguish themselves while keeping their own customer connections.”
“Corporate clients will benefit from better pricing and market transparency, improved execution simplicity, and simplified currency risk management.”
The solution will be ready in the second half of 2022, with the first deployment focused on financial institutions in the Asia Pacific (APAC), with additional areas following soon after.
“The ability to integrate FX directly into corporate treasury platforms, as well as competitive pricing and liquidity into a single package, would help minimize friction for regional banks and their clients,” says Angus Ross, chief revenue officer, banking-as-a-service (BaaS) at Finastra.
