By Stephen Nellis

(Reuters). Oracle Corp (NYSE:) NetSuite announced Tuesday that it would add automated banking capabilities to its accounting software. HSBC Holdings Plc, LON:), as the first partner that can automatically send money to and from other countries and to reconcile its accounts.

Oracle NetSuite offers cloud-based software for mid-sized business to help them track their finances. Many core functions like reconciling bills with bank statements and wiring money to pay a debt or wire cash to pay it off, however, are still done by humans.

Oracle NetSuite announced Tuesday that artificial intelligence has been used and banks have formed partnerships to help automate these processes. Oracle NetSuite can automatically read any employee expense report or bill that is sent to it. It will then file the appropriate paperwork and wire it.

Evan Goldberg is the executive vice president at Oracle NetSuite. He stated that the system will help companies get an accurate picture of their cash situation and allow staff to focus on other important tasks like analysis and planning.

Goldberg said in an interview that “labour is at a premium.” Your people should not be doing manual data entry. Instead, they should work on strategic projects that add value to the company.

Integration with banks is required for Oracle NetSuite to work. Banks have been using technology to improve business transaction efficiency. Oracle NetSuite announced that they aim to integrate with major banks. HSBC is its first partner.

In a statement, Barry O’Byrne, chief executive officer for global commercial banking at HSBC, said 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. We envisage this to be the first alliance of many.”