HSBC introduced multi-currency wallet for cross-border payments

Users can now hold, send and receive cash in multiple currencies within a single account

HSBC

HSBC introduced multi-currency wallet for cross-border payments. Source: shutterstock.com

HSBC has launched a multi-currency digital wallet that enables businesses to make and receive international payments from one single global account.

According to the press release, HSBC Global Wallet is fully integrated within the bank’s existing business banking platform. It removes the need for businesses to use third-party providers for international transactions. Clients can send and receive money in a number of currencies, and hold and manage those currencies in the same Global Wallet account.

HSBC Global Wallet uses the bank’s global payments network, enabling customers to ‘pay like a local’, meaning that money will usually be delivered to a beneficiary’s account within minutes of it being sent.

By fully integrating this solution into our everyday business banking platform we’re giving our clients a virtual presence in markets around the world – where they can hold and send cash just like a local business - while also eliminating the need to use third-party platforms for international payments
Diane S. Reyes, Global Head of Liquidity and Cash Management, HSBC

Targeted at medium-sized businesses with international supply chains, the wallet provides instant access to currencies from within customers’ day-to-day banking platform, allowing for greater visibility of their cash flow.

HSBC Global Wallet customers can hold and send money in US Dollars, Euros, UK Pound Sterling, Canadian Dollars, Hong Kong Dollars, Singapore Dollars and Australian Dollars, with more currencies to be added over the coming months.

We’ve reported that BNP Paribas rolls out operations as local bank in Mexico.

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