HSBC Global Disbursements to Offer PayPal for Digital Disbursements
(LONDON, March 29, 2018) – HSBC Holdings PLC announced today that PayPal has become a payment provider, allowing corporate customers of the bank to make payments to beneficiaries with PayPal accounts.
The introduction of the PayPal partnership supports HSBC’s strategy of broadening the range of electronic payment mechanisms available through its Global Disbursements service, which makes cross-border payments easier by centralising all outgoing transactions into a single payment process.
The HSBC Global Disbursements service already allows customers to reach beneficiaries globally in 136 currencies through domestic and international payment schemes while also enabling the status of payments to be tracked online. This improves transparency and reduces the complexity and cost of making cross-border payments.
Clients of HSBC’s Global Disbursements service will now be able to use PayPal to improve their payments operation in cases where PayPal is a pay-out preference, when it can replace inefficient instruments for even faster and more efficient collection of funds and where it provides greater access to markets and countries.
“Our collaboration with PayPal will significantly expand the payments network accessible to our clients through HSBC, allowing them to send payments to a much wider range of counterparties in a fast and efficient manner,” said Tom Halpin, Global Head of Payments in Global Liquidity and Cash Management at HSBC.
“Our agreement with HSBC demonstrates how PayPal’s strategy of partnership with global banking institutions is delivering significant benefits for businesses and consumers around the world,” said Jim Magats, VP, Head of Payments, Product & Engineering at PayPal. “PayPal and HSBC share a common vision of making payments simpler, secure and more convenient for merchants and consumers who want to manage and move their money digitally around the globe.”
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,522bn at 31 December 2017, HSBC is one of the world’s largest banking and financial services organisations.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 227 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.