Leading UK-based financial institution HSBC has announced the launch of its new ecommerce digital payment platform, Omni Collect, in the UAE.
The platform, produced in partnership with Saudi-based fintech Geidea, will be available to corporate customers via HSBCnet.
Omni Collect aims to simplify the streamline the way businesses collect digital payments for goods and services sold across multiple payment channels. These channels include credit and debit cards, as well as e-wallets such as Apple Pay and Samsung Pay.
Geidea has pre-existing UK ties, with backing from the UK Department for Business & Trade.
HSBC’s partnership with Geidea was confirmed at a signing ceremony, where Geidea Founder and Executive Chairperson Abdullah Al Othman was joined by HSBC Bank Middle East’s CEO of UAE, Mohamed Al Marzooqi.
Per their collaboration, Geidea will integrate a merchant acquiring facility within Omni Collect, enabling HSBC’s corporate and business clients access to the new card receivables solution and enhancing their understanding of their own collections data.
HSBC’s Regional Head of Global Payment Solutions, Middle East North Africa and Turkey (MENAT), Kyle Boag, says: “The UAE is no exception to the global cashless trend, and we are seeing strong growth in online shopping and digital payments every year.
“HSBC’s Omni Collect will help businesses capitalise on that growth by offering them a simple way to collect payments faster, analyse customer payments behaviour and spot trends to make informed business decisions.
“Our strategy is to digitise the bank at scale, so that we can innovate faster for customers, and our partnership with Geidea is important in advancing this transformation agenda.”
Seamless solution integration
To simplify its clients’ access to Omni Collect, HSBC leverages APIs to ensure the solution is directly integrated with a client’s ecommerce and accounting solutions, making real-time data flow possible.
This allows HSBC’s clients to monitor transactions online, consolidate reporting across different payment methods and unify their view of daily business transactions.
It is in this way that HSBC is leveraging the technologies set to shape the next decade.
Sailesh Malhotra, General Manager at Geidea, adds: “Our mission is making payments and commerce technology accessible, affordable and intuitive for everyone and this partnership is another testament to our reliability and ability to scale as we deliver on that commitment.
“We have been granted by the UAE Central Bank the license to offer a diverse set of merchant services that empowered us to join hands with global partners such as HSBC.
“This product will be a boost for all businesses as it facilitates and charts a clear view of growth in their operations across all business segments from emerging micro-enterprises to established multinationals.”
The operational ease afforded to HSBC’s clients that leverage Omni Collect empowers them to scale their businesses across multiple European and Asian markets.
Kyle Boag concludes: “We are seeing increased demand across retailers, consumer brands, healthcare, pharmaceuticals and shipping and logistics sectors, for fully integrated and comprehensive payment solutions, to grow their e-commerce business.
“Omni Collect is one of many ways we are investing in the UAE market to meet our customers’ digital needs.”
As well as launching in the UAE, Omni Channel is available in the UK, Australia, India, mainland China, Hong Kong, Indonesia, Malaysia, South Korea, Japan, Singapore, Thailand and Vietnam.
