Finastra and HSBC Partner to Offer BaaS FX Capability For Mid-Tier Banks
(15 July 2022 – United Kingdom) Finastra and HSBC announced they have partnered to distribute HSBC’s FX services via Finastra’s FusionFabric.cloud platform under a Banking as a Service (BaaS) experience.
This collaboration will take advantage of the best elements of modern API-driven connectivity with licensed institutions’ secure, regulated infrastructure. Integrating HSBC FX services with mid-tier banks will allow participating banks to deliver a wide range of currencies to their customers through branch networks and other retail channels, without requiring any additional technology integration. It will also provide clients with highly automated FX pricing capabilities, allowing banks to process higher FX volumes, and to differentiate themselves while maintaining their own customer relationships.
Corporate clients will benefit from increased transparency of pricing and market conditions, improved ease of execution, and simpler currency risk management.
”We are delighted to be working with Finastra. As one of the world’s leading FX banks this is another great example of HSBC leveraging our world-class FX eRisk infrastructure to help our clients achieve their business objectives.” Mark Williamson, Global Head of FX Partnerships and Propositions at HSBC added: “We are constantly seeking out strategic partnerships and channels to embed our FX Services and build market-leading customer propositions” commented HSBC Global Head of FX eRisk & Precious Metals, Richard Anthony.
“The ability to integrate FX directly into corporate treasury platforms, as well as competitive pricing and liquidity into a single package will help reduce friction for regional banks and their customers and demonstrates a use case in which BaaS can really make an impact. HSBC is a leading market maker with deep liquidity in the FX market and shares Finastra’s beliefs around the significant potential of BaaS. We’re excited to be co-developing this solution to connect buyers and sellers of FX through a wholesale marketplace” stated Finastra Chief Revenue Officer BaaS, Angus Ross.
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