Numeral and HSBC Innovation Banking UK have partnered to enable embedded payments for innovative companies like FinTechs, InsurTechs and marketplaces.
With this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking U.K.’s payment and account services via Numeral’s application programming interfaces (APIs), the companies said in a Thursday (Aug. 29) press release.
“Innovative companies for which payments are core to their products, often struggle to find banking partners that understand their unique needs,” Édouard Mandon, co-founder and CEO of Numeral, said in the release. “This is why we’re thrilled to collaborate with HSBC Innovation Banking UK to bring together our unique expertise and offer joint customers and out-of-box integration.”
Hugo Pires, director, global treasury and payments advisor (FinTech) at HSBC Innovation Banking UK, said in the release that this offering will enable the companies’ joint clients to “streamline processes and improve customer experience.”
With the bank’s services integrated through Numeral’s API and payment operations dashboard, companies can send and receive UK Bacs, CHAPS and FPS payments, as well as SEPA and Swift payments, and access their bank account balances and transactions data in real-time, according to the release.
InsurTech Qover is among the joint clients that have adopted this new offering. The firm selected it to streamline its claim payout process, per the release.
“By integrating with HSBC Innovation Banking UK through Numeral’s API, we can automatically initiate claim payouts as soon as they are approved, and track these payouts in real-time,” Qover Chief Customer Officer Ed Ackerman said in the release. “Customers receive their payouts much faster and Qover’s operations have been streamlined.”
British banking giant HSBC launched HSBC Innovation Banking in June 2023 to focus on “innovation companies, their founders and their investors,” HSBC Group CEO Noel Quinn said in a press release announcing the event.
“We will protect this specialism and take it to the next level by combining these capabilities with our financial strength and global reach,” Quinn said.
As for Numeral, it launched support for Swift payments in February, saying this move would enable its customers to benefit from both Swift’s global reach and local payment schemes’ speed, lower cost and local reach.
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