HSBC Launches Payments Service on Mobile Banking for Corporates

7 February 2012

HSBC Launches Payments Service on Mobile Banking for Corporates

*HSBCnet addresses increasing demand from business for enhanced mobile capabilities

*US$10 billion payments authorised on HSBCnet Mobile since its launch globally

*Over US$393 million payments authorised on HSBCnet Mobile in 2012 in the Middle East and North Africa region

HSBC has enhanced its mobile banking offering in its continued commitment to helping businesses streamline their banking needs. The new offering will allow customers to initiate payments to existing beneficiaries across the world. The facility adds to the extended suite of mobile solutions the Bank already offers its customers.

Commenting on the HSBCnet Mobile Banking offer, Natasha Patel, Regional Head of Global Payments and Cash Managements for HSBC Middle East and North Africa, said: “As electronic banking continues to revolutionise business, banking and payment systems are also rapidly changing. Corporations in the Middle East increasingly have to adapt to this changing environment and as a result, need to have access to the most advanced electronic platforms available.

“The launch of our HSBCnet mobile banking option in 2011 is a strong example of this.  US$10 billion payments have been authorised globally since its launch and over US$ 393 million payments were authorized in 2012 in the Middle East and North Africa region. We intend to continue adapting these services which will result in the provision of an even wider range of banking services for customers on-the-go. Launching the ability to initiate payments will allow customers to leverage the scale of the bank by conducting transactions in countries across the world from the palm of their hands.”

In addition to the new payments facility, corporate treasurers can also use the application to check account balances and statements, authorise payment instructions and receive payment alerts using smartphones. It is a free, value-added service to customers, without the need for a cumbersome or resource-intensive installation.

“Going forward, we see significant potential in the extended use of mobile devices by corporate treasurers in the region and globally. These devices will streamline the entire supply chain. As smartphones and tablets evolve, mobile banking will combine richer, more intelligent interfaces with services that make use of the devices’ ability to recognise the location of the user. This will have enormous value for risk management, trade, high value payments and FX services” Patel added.

About HSBCnet Mobile:

Middle East and North Africa

• In 2012, total payments worth US$ 393,577,817 were authorised
• Over 800 customers in the region use HSBCnet Mobile
• The application as well as the new payment facility is available to 8 countries in the region: UAE, Algeria, Bahrain, Jordan, Lebanon, Oman, Qatar, and Saudi Arabia

Globally

• Total value of payments authorised US$ 10 billion through HSBCnet Mobile since its launch
• An average of USD157 million payments were authorised per week
• The application is available in 17 languages
• Both SMS based alerting and alerts are integrated into the application