Corporate Banking

HSBC India’s collaboration with cloud-based smart accounting software, Zoho Books.

| 2 min read
HSBC India announces collaboration with Zoho Books

HSBC APIs are supported through an ecosystem that includes strategic integrations with various treasury and accounting software providers. The most recent collaboration between HSBC India and a cloud-based accounting software, Zoho Books, offers a plug-and-play integrated banking and accounting platform.

HSBC India customers can now avoid the hassle of switching between platforms to access accounting and banking functions such as vendor and GST payments, payment reconciliation, bookkeeping and payroll management. The simple yet powerful cloud-based accounting software helps manage business operations, cash flows, payments and receivables - all through a single consolidated platform using deep API integration to deliver automated solutions for common customers.

Bespoke support and close collaboration between Zoho and HSBC India successfully implemented a completely new proposition comprising of data-driven services and transactions. For example, customers can use Zoho Books to record transactions, collect online payments, reconcile statements, access data from anywhere at any time and stay compliant to GST.

Through the Account Information and Payments API, Zoho offers easy configuration where customers can track cash flow directly from Zoho Books, with an automated transaction status update every 24 hours.

One of the key benefits of this integrated platform is its real-time capability. API technology by its nature is best suited for on-demand services with real-time responses. The future of banking connectivity is progressing to be agile, dynamic, and secure – yet open for industry players to build superior services for end-users.


The Road Ahead

By establishing a robust network of alliances and well-functioning integrations, HSBC India is developing an ecosystem that offers all the solutions that businesses need – and this is just the beginning.

According to Siddharth RUNGTA, Country Head, GLCM, HSBC India, the collaboration with Zoho is a forward-looking initiative that supports ventures in keeping up with the ever-evolving business landscape. “At HSBC, our API service offerings respond to rapidly-changing client demands for fast, simple and secure access to payment and account services, whether they are an SME or a large multi-national organization. With this integration, our APIs are now embedded into the Zoho accounting platform thereby delivering the users a seamless – plug and play experience on payment execution and reconciliation thereby delivering a “win-win” to all – Zoho, HSBC and most importantly the customer.” 

The bank plans to build multiple other collaborations and integrations, based on both what we observe and hear from customers, to help businesses effectively manage operations and establish sustainable processes.

 

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