HSBC launches multi-currency wallet for international payments

Under increasing competition from smaller fintech and payment businesses in digital wallets, traditional banks are fighting back.

This week, HSBC USA has announced that it has launched a multi-currency digital wallet that would enable businesses to make international payments in a simple and secured manner. In a press release, the bank noted that its HSBC Global Wallet is the first multi-currency offering by a US bank that would remove ‘the need to use third-party providers for foreign exchange and international transactions’.

Last year, ClearBank had partnered with JP Morgan to offer multi-currency via API.

The bank said in its press note that the clients can send money in a number of currencies, hold and manage those currencies. HSBC Global Wallet will use the bank’s global payments network and it is fully integrated with the bank’s existing business banking platform.

”As we continue to focus on making international business easier and more efficient, this innovative solution will allow our commercial US clients to more effectively manage their foreign currency balances locally and to pay internationally like a local”, said Drew Douglas, Head of Liquidity & Cash Management, US and Canada.

HSBC Global Wallet will initially launch in the United States with payment capabilities in Euro, Great Britain Pound Sterling, Hong Kong Dollar, Canadian Dollar, Singapore Dollar, Australian Dollars and Malaysian Ringgit.

As noted by the bank, sending money is a ‘complex and time-consuming process with ‘foreign exchange rates frequently unmanaged and high transaction fees, and the bank is targeting small and medium enterprises with international supply chains for its wallet to enable their payments to be delivered to beneficiary accounts in a matter of minutes.