HSBC has launched a platform for managing domestic and international business payments.
The new Smart Transact provides a single platform that lets businesses manage their transactions and access a current account, domestic and cross-border payment capability and the HSBCnet global banking platform, the bank said in a Tuesday (Nov. 26) press release emailed to PYMNTS.
The platform can be expanded as needed to add services like corporate cards and savings accounts, according to the release.
Smart Transact is now available in India, the U.K, the U.S., Hong Kong, Singapore, Australia, Ireland, Netherlands and France, per the release. It will expand to China, the UAE and Germany by the end of the year.
“HSBC Smart Transact is a significant step forward in simplifying payment processes for ambitious clients that are keen to pursue international growth,” Manish Kohli, head of global payment solutions at HSBC, said in the release. “Clients can benefit from a more simplified, efficient and flexible payments service combined with local market solutions, all delivered through a single platform.”
The launch of Smart Transact came soon after HSBC’s introduction of some other tools designed for businesses.
In October, the bank teamed up with B2B global trade network Tradeshift to launch an embedded finance venture aimed at the bank’s business clients. The companies’ joint venture, SemFi, is designed to embed HSBC payment, trade and financing solutions across a variety of eCommerce and marketplace venues, including Tradeshift’s network.
In August, HSBC Innovation Banking UK and cloud-native payment infrastructure provider Numeral partnered to enable embedded payments for innovative companies like FinTechs, InsurTechs and marketplaces. With this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking UK’s payment and account services via Numeral’s application programming interfaces (APIs).
Another new offering debuted in May when HSBC Middle East and Mastercard joined forces to introduce the Mastercard Wholesale Program (MWP) in the Middle East, with a specific focus on the travel industry. The aim of this partnership is to digitize and automate buyer and supplier payments for HSBC’s travel merchant customers, thereby enhancing liquidity and security within the travel value chain.
The post HSBC Launches Platform for Managing Domestic and International Business Payments appeared first on PYMNTS.com.
