NetSuite, a division of Oracle Corp, announced on Tuesday that it will integrate automated banking functions into its accounting software for businesses, with HSBC Holdings as the first partner to automate money transfers and account reconciliation.

Oracle NetSuite is a cloud-based financial management software company that sells to mid-sized organizations. However, many basic operations still involve humans to punch buttons and type in data, such as sending money to pay a payment or reconciling billing records with bank statements to see how much cash is available at any one time.

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Oracle NetSuite announced on Tuesday that it had automated certain processes using artificial intelligence and relationships with banks. When a bill or an employee expense report arrives, the software can interpret it, file it properly, and have money moved to the right account.

The purpose of the new system, according to Evan Goldberg, executive vice president of Oracle NetSuite, is to enable firms to get a more accurate daily view of their cash position and free up finance employees to work on other vital things like planning and analysis.

In an interview, Goldberg said, "Labor is at a premium," "You want your people not working on manual data entry, but working on stuff that's actually going to add strategic value to the business."

The Oracle NetSuite system necessitates connection with banks, which have been seeking to improve corporate transactions through technology as well. Oracle NetSuite stated that it plans to integrate with the majority of large banks, including HSBC as its first partner.

Partnerships like the one with Oracle NetSuite are "central to our strategy of supporting our clients' growth across all regions, from Asia to the Americas," according to Barry O'Byrne, HSBC's chief executive officer for global commercial banking. We expect this to be the first of many alliances.”