Numeral, a payment technology provider, and HSBC Innovation Banking UK, a banking partner to innovators and their investors, have announced a new collaboration.
The partnership will allow innovative companies to embed HSBC Innovation Banking UK’s payment and account services directly via Numeral’s APIs, according to FF News.
This solution is available to companies that are clients of both Numeral and HSBC Innovation Banking UK, including Qover, a leading InsurTech that has selected the duo to enhance its claim payout experience.
The partnership is focused on helping innovative companies streamline their payment operations. Payments and treasury functions, such as corporate payments, are central to many FinTechs, InsurTechs, and marketplaces.
By integrating HSBC Innovation Banking UK’s services with Numeral’s platform, these companies can improve the overall customer experience.
Numeral enables businesses to simplify their payment operations through its single API, offering a modern dashboard for payment management.
Through the partnership, companies can now access HSBC Innovation Banking UK’s cash management infrastructure, enabling them to send and receive various types of payments, including UK Bacs, CHAPS, FPS, SEPA, and Swift. Additionally, they can access real-time data on account balances and transactions.
HSBC Innovation Banking UK provides financial services tailored to the needs of innovators and their investors.
By collaborating with Numeral, it is offering its clients a seamless integration of their payment services, empowering companies to streamline operations and enhance customer satisfaction.
This partnership has already seen success with Qover, which invested heavily in improving its end-to-end claim processing.
By utilising HSBC Innovation Banking UK and Numeral, Qover has transformed the last stage of its claim process: the claim payout. The integration allows for automated payouts and real-time tracking, enabling Qover’s customers to receive their payments faster.
Hugo Pires, Director, Global Treasury & Payments Advisor (FinTech) at HSBC Innovation Banking UK, commented, “We’re delighted to be collaborating with Numeral and introducing a new offering to our joint clients with the opportunity to embed our payment and account services through Numeral’s APIs. It’s great to see how our innovative clients, like Qover, can use this to their advantage to streamline processes and improve customer experience.”
Ed Ackerman, Chief Customer Officer at Qover, remarked, “When claims are paid, customers benefit from the safety net an insurance policy provides. At Qover, we see the claims journey as the moment of truth for customers. We therefore decided to fundamentally reshape the claim experience, leveraging AI at key stages such as claim submission and review. 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. Customers receive their payouts much faster and Qover’s operations have been streamlined.”
Édouard Mandon, Co-founder and CEO at Numeral, said, “Innovative companies for which payments are core to their products, often struggle to find banking partners that understand their unique needs. This is why we are thrilled to collaborate with HSBC Innovation Banking UK to bring together our unique expertise and offer joint customers an out-of-the-box integration.”
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