Oracle’s NetSuite said it would incorporate automation banking functions into its company accounting system, with HSBC as the first partner to automatically communicate and exchange money and reconcile accounts.
Oracle NetSuite provides cloud-based financial management software to mid-sized enterprises. However, many essential operations, such as transferring money to pay a payment or reconciling billing records with bank statements to determine how much money is available at any one moment, still require humans to punch buttons and enter data.
Oracle NetSuite said on Tuesday that it had automated such procedures via artificial intelligence and relationships with bankers. When a bill or an expense report is received, the software can understand it, file it correctly, and transmit funds.
according to Evan Goldberg, executive vice president of Oracle NetSuite, The objective of the new system is to enable firms to receive a more accurate daily view of their cash situation and free up personnel in finance departments to focus on more essential things like analysis and planning. “Labor is at a premium,” Goldberg said in an interview published. “You want your staff to be working on things that will bring strategic value to the firm, not manual data input.”
Oracle NetSuite stated that it intends to interface with most large banks, with HSBC serving as its initial partner. HSBC’s chief executive officer for global commercial banking, Barry O’Byrne, said in a statement that collaborations like the one with Oracle NetSuite are important “essential to our goal of assisting customers’ growth in all areas, from Asia to the Americas. “We want for it to be the beginning of a series of alliances.”