HSBC is launching a new solution to facilitate the flow of bank account data into small business accounting platforms and has enlisted several partners for the initiative.
In a news announcement on Tuesday (Sept. 26), HSBC said it is working with Xero, Sage and Intuit to facilitate the streaming of small business account data into the accounting platforms used by its SMB customers.
“Enabling small and medium-sized business customers to establish and manage their transaction data flow will save them time and effort,” said HSBC Global Head of Business Banking Digital Nadya Hijazi in a statement. “The solution eliminates the need to manually import or enter transaction data. Instead, it automatically synchronizes every 24 hours.”
HSBC added that the data feed will lead to easier management of finances for small businesses.
“This digital solution provides customers with the financial information they want, when they want and where they need it — rather than having to visit their online banking site to retrieve the information,” Nadya added. “This service is one of the first of a series of innovative digital solutions we are developing for SME customers, and we’re excited to be addressing some of the challenges these customers face on a day-to-day basis.”
HSBC added that the integrated data feeds will roll out for U.K. businesses using Xero and Sage in the coming weeks and will link with Intuit’s QuickBooks soon thereafter. HSBC plans to make the solution available to its small business customers in Hong Kong in the coming weeks as well, with plans to expand into new markets around the globe in 2018.
Last year, HSBC said it would be ramping up its small business lending operations by allocating about $14 billion for SMB loans, marking its largest funding package for small businesses in the U.K. to date for the FI.
The bank has recently faced controversy from some its small business customers, however, following allegations that anti-money laundering efforts led HSBC to mistakenly freeze some of its small business clients’ bank accounts. Earlier this month, HSBC said it has begun compensating some of the affected SMB customers.