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Announced at Sibos 2024 in Beijing, HSBC has launched a cross-border e-commerce virtual accounts solution for banks, to simplify the process for merchant businesses to receive EUR and GBP payments via their local bank accounts.
The service enables Chinese businesses to receive payments through local clearing systems– a cheaper option than setting up foreign accounts.
The HSBC virtual account solution also enables Chinese businesses trading on platforms to now receive euros (EUR) and pound sterling (GBP) payments via their local clearing system and through their own bank accounts, without having to set up foreign bank accounts in those jurisdictions. Merchants can therefore access their funds more quickly and without additional cost.
The virtual account also supports payment transparency, as the dedicated account number allows for better tracking and identification of payments.
Lewis Sun, Global Head of Domestic and Emerging Payments at HSBC, said, “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.”
HSBC has expanded its efforts to enhance digital and trade finance services for its clients, in September 2023, HSBC has expanded its offerings in e-commerce payment solutions, to cater for cross-border trade finance services.
Currently, the virtual account solution is available to merchants on select e-commerce platforms.
