HSBC has launched beta testing of its first mobile business banking service, called Kinetic, which will provide similar features of a current business account, along with a debit card, the ability to send and receive payments through a mobile app and obtain 24/7 account information on a mobile device. 

The service, scheduled to launch in 2020, will allow customers to see cash flow information, provide insights to manage finances, apply for overdraft protection and connect to accounting software from Sage, QuickBooks and Xero.

"We want to work with customers that can help us build the best product for business like them," a spokesperson told Mobile Payments Today via email. 

The spokesperson said the bank did not have a specific limit on the size of the beta test, but will use information it learns during the test to make adjustments for the 2020 launch. The beta will be open to businesses with turnover of up to 2 million British pounds ($2.58 million) and the app will only work on iOS. An Android version will be available by 2020.

The account also provides an ecosystem of business partners that can help growing businesses, including WeWork, Aviva, Global Payments and G Suite.

Cover image: HSBC.