HSBC has launched a new cross-border virtual account proposition for banks worldwide, enabling their merchant business customers trading on e-commerce sites to receive EUR and GBP payments via their local bank account.
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Prior to HSBC’s introduction of this virtual account, businesses in certain jurisdictions were only able to access EUR and GBP funds using cross-border payments at greater cost to e-marketplace platforms and merchants, due to additional fees and FX rates.
The virtual account also enables Chinese businesses trading on platforms to now receive EUR and GBP payments via their local clearing system and through their own bank accounts, without having to set up foreign bank accounts in those jurisdictions.
Lewis Sun, global head of domestic and emerging payments at HSBC, says:“We are delighted to be leading the way in this space and building truly innovative solutions for our clients. HSBC is committed to unlocking the potential of our expertise and network for our clients to help them succeed in a digital age – the launch of virtual accounts solutions to banks is an important part of this vision, helping to empower clients in a digital economy.”
The new virtual account, exclusively held by HSBC, provides each business with a dedicated account number, which enables the domestic bank to identify the corresponding merchant for each payment and carry out reconciliation seamlessly, so the merchant can receive their funds much more quickly.
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