HSBC India and Open Financial Launch FinConnect for Business Clients

25 Jul, 2024

HSBC India and Open Financial Launch FinConnect for Business Clients

HSBC India has teamed up with Open Financial Technologies to introduce FinConnect, a new platform aimed at enhancing payment processes and financial operations for business clients across India. This collaboration marks the launch of HSBC’s FinConnect in the country, described as a centralized finance operating system designed to empower CFOs and business teams.
According to Anish Achuthan, CEO of Open Financial Technologies, FinConnect integrates seamlessly with over 300 ERP software systems, enabling automation of Accounts Receivable and Accounts Payable functions through advanced open banking technology. This includes tasks ranging from accounting and payroll to customer relationship management and cash-flow analytics.
HSBC's initiative to extend FinConnect to India under its "Beyond Banking" initiative reflects its commitment to offering comprehensive solutions beyond traditional banking services. This initiative aims to support startups and small businesses with digital tools, advisory services, and networking opportunities, enhancing their operational efficiency and financial management capabilities.Through partnerships with tech leaders like Zoho, GreytHR, and Amazon Web Services, HSBC seeks to further strengthen its position in the Indian market by providing innovative solutions tailored to the evolving needs of modern businesses.