LONDON—HSBC has launched a multi-currency digital wallet that enables businesses to make and receive international payments from a single global account.
HSBC Global Wallet, which uses the bank’s global payments network, 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 account. The money is usually delivered to a beneficiary’s account within minutes of it being sent, The Asset explained.
“Global Wallet makes it as easy for our customers to deal with a supplier or a client on the other side of the world, as it is to deal with one on the other side of town,” said Diane Reyes, global head of liquidity and cash management at HSBC. “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.”
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.