Numeral and HSBC join forces to enable embedded payments for fintechs

Numeral and HSBC Innovation Banking UK have partnered to enable embedded payments for innovative companies like fintechs, insuretechs, and marketplaces.

With this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking U.K.’s payment and account services via Numeral’s application programming interfaces (APIs), the companies said in a Thursday (Aug. 29) press release.

The offering is available to companies who are both a Numeral and HSBC Innovation Banking UK client. This includes Qover, a leading insuretech, who has selected Numeral and HSBC Innovation Banking UK to improve the claim payout experience.

To support companies in delivering a state-of-the-art user experience, the Numeral platform now integrates with HSBC Innovation Banking UK’s cash management infrastructure. Many leading fintechs, insuretechs, and marketplaces banked by HSBC Innovation Banking UK can now seamlessly integrate HSBC Innovation Banking UK services through Numeral’s single API and modern payment operations dashboard, including:

• Sending and receiving UK Bacs, CHAPS and FPS payments, as well as SEPA and Swift payments
• Access to their HSBC Innovation Banking UK account balances and transactions data in real-time

“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 & Payments Advisor (FinTech) at HSBC Innovation Banking UK.

As part of its efforts to improve user experience and operational efficiency, Qover made significant investments to streamline its end-to-end claim processing, relying on HSBC Innovation Banking UK and Numeral for its last mile: the claim payout process.

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

“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, Co-founder and CEO at Numeral.

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