HSBC will collaborate with financial software firm Finastra to offer FX services to mid-tier banks via an API-driven solution.
HSBC will distribute its FX services via Finastra’s FusionFabric.cloud platform under an API-driven banking as a service (BaaS) model, according to a statement. This will help users expand their range of currencies with automated pricing capabilities coupled with enhanced execution and risk management capabilities.
In the first phase of the rollout, both indicative and executable FX rates will be made available to mid-tier banks via a plug-in to Finastra’s Fusion Kondor. The solution will be launched in the second half of 2022, starting with financial institutions in Asia Pacific before other regions follow.
«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,» said Angus Ross, chief revenue officer, BaaS at Finastra.
«We are constantly seeking out strategic partnerships and channels to embed our FX services,» added HSBC’s global head of FX partnerships and propositions Mark Williamson.
