HSBC has launched a multi-currency digital wallet that enables businesses to make and receive international payments from a single global account.  HSBC Global Wallet, which uses the bank’s global payments network, removes the need for businesses to use third-party providers for international transactions.

Clients can send and receive money in a number of currencies, and hold and manage those currencies in the same account. The money is usually delivered to a beneficiary’s account within minutes of it being sent.

Diane Reyes, global head of liquidity and cash management at HSBC, says: “Global Wallet makes it as easy for our customers to deal with a supplier or a client on the other side of the world, as it is to deal with one on the other side of town.

“By fully integrating this solution into our everyday business banking platform we’re giving our clients a virtual presence in markets around the world – where they can hold and send cash just like a local business – while also eliminating the need to use third-party platforms for international payments.”

Targeted at medium-sized businesses with international supply chains, the wallet provides instant access to currencies from within customers’ day-to-day banking platform, allowing for greater visibility of their cash flow.

Richard Bibbey, the bank’s head of FX, emerging market rates and commodities, adds: “Sending money internationally is often viewed as a complex and time-consuming process, with exchange rates frequently changing between the point of execution and the point of settlement, meaning too little or too much money is received. HSBC Global Wallet users can build trust with their own customers and suppliers in other markets with faster, more reliable international payments and receipts – and have confidence in growing their businesses internationally.”

A survey carried out on behalf of HSBC UK finds that currency fluctuations are the leading concern for UK-based businesses when making and receiving payments overseas ( 40% ), while one in five respondents are concerned about the speed of payments.

HSBC Global Wallet customers can hold and send money in US dollar, euro, British pound, Canadian dollar, Hong Kong dollar, Singapore dollar and Australian dollar, with more currencies to be added over the coming months. The solution is being launched initially in Singapore, the United Kingdom and the United States, with more markets in the pipeline.