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Industry roundup: 10 May

HSBC USA introduces green deposits for commercial clients

HSBC has announced the introduction of Green Deposits in the US, giving businesses an option to put cash reserves to work to support decarbonisation and a more sustainable, resilient and prosperous future.

The bank says it is continuing to work with clients to enhance their treasury activities with a sustainability agenda by offering a simple deposit product with stable principal and predictable returns. The funds that clients place in Green Deposits are used to finance environmentally beneficial projects.

Eligible categories of green projects are aligned to the HSBC Green Bond Framework and Green Loan Principles, ensuring a portfolio of green assets that meet industry standards. Green project themes include renewable energy, energy efficiency, efficient buildings, sustainable waste management, sustainable land use, clean transportation, sustainable water management and client change adoption.

"HSBC is innovating to drive the global transition to net zero carbon emissions, and at the heart of our ambition is a commitment to work with our customers who are on their own journey to lower emissions," said Drew Douglas, head of Liquidity & Cash Management, US and Canada at HSBC. "Green Deposits is another way that we are mobilising finance to help clients meet their sustainability aspirations."

HSBC is embedding sustainability into its products and services, including access to capital markets, lending, transaction banking and advisory services. The bank’s net zero strategy, announced in October 2020, aligns its provision of finance with the Paris Agreement goal of net zero by 2050 across all sectors in its client portfolio. HSBC expects to provide between US$750bn and US$1 trillion in financing and investment to enable its clients’ net zero transition between 2020 and 2030.

 

Tipalti expands ERP integrations to automate accounts payables

Tipalti, a global payables automation platform, has claimed that it can now integrate with any enterprise resource planning (ERP) system. Notable ERP integrations include Microsoft Dynamics 365 Business Central, Microsoft Dynamics NAV, Microsoft Dynamics GP, QuickBooks Desktop, Xero, Sage 50, Sage 100, Sage X3, Sage 300, SAP Business One, SAP Business ByDesign and Acumatica. Through such integrations, the firm says it is opening up scalable, global and modern AP automation capabilities to a much larger number of high-velocity businesses.

Tipalti offers a configurable integration that automatically syncs invoices and invoice payment data between a company’s ERP system and the Tipalti platform. Tipalti’s integration capabilities, technology, and interface efficiently manage the lifecycle of vendor bills and payments.

Tipalti previously had offered ERP integrations with Oracle NetSuite, QuickBooks Online, and Sage Intacct.

"Integrating Tipalti’s AP solution with ERP systems lets organisations achieve better automation by validating invoices against supplier information, ensuring that general ledger coding, including department, class and location syncs with the ERP system for faster payment reconciliation and financial close," said Kevin Permenter, research manager, Enterprise Applications at IDC. "This new ERP integration capability from Tipalti exposes their modern AP automation capabilities to a much larger segment of fast-growing mid-market businesses."

 

OnPay Solutions partners with ProVantage on payment automation 

OnPay Solutions has partnered with ProVantage Software to extend its capabilities to its clients by automating paper-based processes and enabling the use of electronic payment types.

"We are excited to partner with ProVantage to help their clients streamline their supplier payments," said Neal Anderson, CEO and President of OnPay Solutions. "Our mission is to empower people to improve the lives of accounting departments globally. We are thrilled to collaborate with ProVantage to provide additional tools to help accomplish that mission by eliminating paper invoices and payments in accounts payable."

"We are always on the lookout for collaborative solutions that can help our clients operate more efficiently and with greater effectiveness," said Jim Skubic, president of ProVantage Software, Inc. "To that end, we have found OnPay Solutions to fit that role perfectly, reducing both labour input and the cost envelope for several basic and repetitive AP functions."

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