One of the largest financial conglomerates in the world, HSBC, has launched a new offering of cross-border virtual accounts for banks around the world. Customers of financial institutions trading on e-commerce sites will be able to receive payments in euros and pounds sterling through their local bank accounts.
This is reported by an expert in the field of international financial law Konstantin Kryvopust. Previously, businesses in certain jurisdictions could only access EUR and GBP funds through cross-border payments, which was expensive for both e-marketplace platforms and merchants.
The HSBC Virtual Account assigns each business a unique account number, allowing the national bank to identify the appropriate merchant for each payment and reconcile seamlessly. Thanks to this, the seller can receive his funds much faster.
“We are happy to be leaders in this field and create truly innovative solutions for our customers. HSBC is committed to unlocking the potential of our expertise and network for our clients to help them succeed in the digital age,” said HSBC’s Lewis Sun.
The HSBC Virtual Account also allows Chinese businesses to receive payments in euros and pounds through the local clearing system and into their own bank accounts without the need to open foreign bank accounts in those jurisdictions.
Earlier in October, HSBC announced the launch of its new embedded finance product, which will provide streamlined solutions for business customers. SemFi integrates HSBC’s payment, merchant and financial solutions into a range of e-commerce and marketplaces.
