Finastra and HSBC have partnered to distribute HSBC’s FX services via Finastra’s FusionFabric.cloud platform under a Banking-as-a-Service (BaaS) experience.

This collaboration will take advantage of the best elements of modern API-driven connectivity with licensed institutions’ secure, regulated infrastructure. The first phase of the roll out will provide both indicative and executable FX rates to regional mid-tier banks via a plug-in to Finastra’s Fusion Kondor, a solution with low maintenance and ownership cost, backed by the liquidity and robust risk management capabilities of one of the world’s largest FX franchises. Integrating HSBC FX services with mid-tier banks will allow participating banks to deliver a wide range of currencies to their customers through branch networks and other retail channels, without requiring any additional technology integration.

It will also provide clients with highly automated FX pricing capabilities, allowing banks to process higher FX volumes, and to differentiate themselves while maintaining their own customer relationships. Corporate clients will benefit from increased transparency of pricing and market conditions, improved ease of execution, and simpler currency risk management. Available in H2 2022, the initial roll out will focus on financial institutions in Asia Pacific (APAC) with other regions to follow soon after.

It will also be made available to embedders who require direct access to FX liquidity and pricing.