Finastra and HSBC have announced that they are working together to distribute HSBC's FX services as a BaaS offering via Finastra's FusionFabric.cloud platform.
IN BRIEF:
-This offering will enable mid-tier banks to embed FX services and provide multiple currencies through corporate, branch, and retail channels.
-It will provide automated FX pricing capabilities, allow higher FX volumes, and create a point of differentiation
-This will be made available in H2 2022, initially in APAC, followed by other regions
What does it mean?
Angus Ross, chief revenue officer, banking-as-a-service (BaaS) at Finastra says, “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.”
