HSBC tests app-based business bank
HSBC has started inviting businesses to the Beta test of its app-based business bank, Kinetic. HSBC says it has been working with 2,400 businesses to build the app. The operating software of the app will be based on the agile test and development mode on Google Cloud Platform.
While HSBC Kinetic Beta is currently a test account, it still has some typical business current account features, including the ability to make and receive payments, a debit card, and 24/7 mobile access. It also provides automatically categorised transactions to provide spend visibility, a connection to Xero, and card control features.
Additional features in the Beta test include budgeting tools and alerts, cash flow forecasts, and a Financial Calendar highlighting key dates in the business cycle. HSBC lists its partners in the test as WeWork, Xero, G Suite, Global Payments and Aviva.
To be part of the Beta test group, HSBC is looking for UK limited companies with turnover of up to £2 million with a single director shareholder. Applicants should not already be an existing HSBC business customer, and should use an iPhone.
The app is expected to go live in 2020.