Numeral and HSBC Innovation Banking UK Bolster Payments

The Numeral platform will integrate HSBC Innovation Banking UK’s cash management infrastructure. 

Although it may not seem front and centre to customers, corporate payments and treasury operations are a key part in ensuring a good customer experience. To ensure this aspect of a firm’s infrastructure can continue to play a pivotal role in retaining users, paytech Numeral has collaborated with HSBC Innovation Banking UK to embed its payment and account services via Numeral APIs.

The offering is available to both Numeral and HSBC Innovation Banking UK clients, including fintechs, insurtechs and marketplaces. Most notably, the Numeral platform will now integrate HSBC Innovation Banking UK’s cash management infrastructure. This will make it easy for organisations banked by HSBC Innovation Banking UK to use the firm’s services through the Numeral single API and modern payments operations dashboard.

Specifically, users will be able to send and receive UK Bacs, CHAPS and FPS payments, as well as SEPA and Swift payments. Additionally, they will be able to access their HSBC Innovation Banking UK account balances and transaction data in real time.

“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,” says Édouard Mandon, Cofounder and CEO at Numeral.

“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,” says Hugo Pires, Director, Global Treasury and Payments Advisor (Fintech) at HSBC Innovation Banking UK.

One organisation benefitting from this extended partnership is insurtech Qover. It selected Numeral and HSBC Innovation Banking UK to improve the claim payout experience. In turn, this not only improves the user’s experience but also enhances operational efficiency.

“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,” says Ed Ackerman, Chief Customer Officer at Qover.

“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.”