Numeral and HSBC Innovation Banking collaborate to empower innovative companies with embedded payments, announcing Qover as a joint customer

London, 29 August 2024—Numeral, the payment technology provider, and HSBC Innovation Banking UK, the banking partner to innovators and their investors, today announce a collaboration to enable innovative companies to embed HSBC Innovation Banking UK’s payment and account services via Numeral APIs. The offering is available to companies who are both a Numeral and HSBC Innovation Banking UK client. This includes Qover, a leading InsurTech, who has selected Numeral and HSBC Innovation Banking UK to improve the claim payout experience.

Payments and operations, including corporate payments and treasury operations, are core to the customer experience of many innovative companies’ services, including FinTechs, InsurTechs and marketplaces.

To support these 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, InsurTechs 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.

About Numeral

Numeral is a payment technology provider which delivers the infrastructure for fintechs and banks to connect to partner banks, access schemes, and automate payment operations.  Through its payments, reconciliations, treasury, and risk and fraud management capabilities, Numeral enables its customers to launch new products and expand geographically faster, reduce total cost of ownership and make their payments more resilient.  Numeral provides the payment infrastructure for European fintech leaders like Swile, Spendesk, Deblock and Alma and has a growing European customer base Numeral also partners with Europe’s leading banks, including HSBC Innovation Banking UK, BNP Paribas, Barclays, BPCE, and ABN AMRO. Launched in 2021, Numeral has raised €14m from world-class investors like Balderton and eFounders.

About HSBC Innovation Banking

HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. HSBC Innovation Bank Limited is a subsidiary of HSBC Group, benefiting from its stability, strong credit rating and international reach to help fuel its growth.

© 2024 HSBC Innovation Bank Limited. All rights reserved.

HSBC Innovation Bank Limited (trading as HSBC Innovation Banking) is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). HSBC Innovation Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146). HSBC Innovation Bank Limited is part of the HSBC Group.

HSBC Innovation Bank Limited is committed to making its website and related documents accessible to everyone. Learn more on www.hsbcinnovationbanking.com/accessibility

About Qover

Qover is an insurtech that enables companies and insurance providers to offer seamless, tech-driven insurance experiences.

Qover’s modular embedded insurance orchestration platform provides meaningful insurance experiences to millions of users across 32 European countries, and works with longstanding partners like Revolut, Monzo, Deliveroo, NIO, Canyon and many others.

Contacts

Numeral

Matthieu Blandineau, Product Marketing Manager, press@numeral.io

HSBC Innovation Banking UK

Lauren Daly, PR Manager, lauren.daly@hsbc.com

Qover

Marine D’Hollander, Head of communication, marine@qover.com